Cal-Maine Foods Inc.’s stock
CALM,
was rallying by 9.4% on Wednesday after Stephens analyst Ben Bienvenu hiked his price target on the egg producer to $50 a share from $45 on the prospect for strong egg prices. The advance comes despite an update from the company that avian flu pathogen at one of its facilities in Kansas affected about 684,000 laying hens, or 1.6% of Cal-Maine’s total flock. “We think the net income is likely positive as prices are due to fortify on reduced supply,” Bienvenu said. Lower grain prices may also help the company, said Bienvenu, who reiterated an equal-weight rating on the stock.
