CALM - Cal-Maine Foods falls after Stephens pulls bull rating

2023-04-25 08:32:51 ET

Stephens downgraded Cal-Maine Foods ( NASDAQ: CALM ) to an Equal-Weight rating from Overweight on Tuesday with concerns over the pricing backdrop for eggs growing.

The firm said a call with industry insiders was downbeat in general for the pricing backdrop for eggs.

"When considering what's currently playing out for eggs, we think it is best for us move to the sidelines on Cal-Maine as we think risk/reward is now more balanced."

Stephens cut its price target on Cal-Maine Foods ( CALM ) to $60 from $67.

Shares of Cal-Maine Foods ( CALM ) fell 4.86% premarket to $51.70 vs. the 52-week trading range of $43.96 to $65.32.

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