Sanderson Farms (SAFM) NewsBite - SAFM Downgraded By KeyBanc Capital Markets
Posted: Monday, October 19, 2009 1:47 PM EDT
Sanderson Farms (SAFM) was downgraded today by analysts at KeyBanc Capital Markets and the stock is now at $37.03, down $0.97 (-2.55%) on volume of 295,261 shares traded. The analysts reduced the stock to Hold from Buy. Over the last 52 weeks the stock has ranged from a low of $20.24 to a high of $49.39. Sanderson Farms stock has been showing support around $37.23 and resistance in the $38.73 range. Technical indicators for the stock are bearish and S&P does not currently have a STARS rating for SAFM. If you are looking for a hedged play on SAFM the stock seems like it could be a candidate for a February out-of-the-money bear-call credit spread above the 45 range. [ABR-Seven Summits Strategic Investments NewsBite]
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