Tyson Foods Inc. returned to a profit in its fiscal first quarter as conditions in the meat industry eased, the company said Friday, and the news sent its shares soaring to a 52-week high.
The company's chicken segment, hit by oversupply and consumers' spending cuts, continued the improvement it began two quarters earlier. Tyson's beef and pork units also made money.
"We see broad-based improvement, with chicken and beef segments looking especially good," Standard and Poor's analyst Tom Graves wrote to clients.
Graves said Tyson is positioned well to benefit as the economy improves, and he raised his target price for its shares by $4 to $18. He maintained a "hold" rating.
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