Americas Agribusiness: 2Q26 Americas Protein Earnings Prep

研报英文原文证据摘录

Americas Agribusiness: 2Q26 Americas Protein Earnings Prep

Equity Research

15 July 2026

Americas Agribusiness

2Q26 Americas Protein Earnings

Prep

We update models ahead of 2Q results to reflect shifts in Americas Agribusiness

commodity markets & industry dynamics. We stay OW on JBS NEUTRAL Unchanged

but lower its PT to $20 and leave all other ratings and PTs Americas Agribusiness

Benjamin M. Theurerunchanged. Beef will once again be challenged, chicken faces

a tough YoY comp, and pork results should be relatively +52benjamin.theurer@barclays.com55 5241 3322

stable. BCCB, Mexico

Ryan Lavin

+1 212 526 8713Commodity Data Suggests Some Margin Pressure: For our high-level view on protein

ryan.lavin1@barclays.com

commodity inputs and pricing data for 2Q, please see our recently published commentary here. BCI, US

We find that higher cattle prices continue to place pressure on beef packers, leading to another

quarter of operating losses. Poultry margins are down YoY vs a tough comp base. And we expect

pork results will be stable, as lower hog prices are offset by a decreased cutout value.

Hormel: We stay OW with a $30 price target. We reduce our revenue estimates slightly, which

are now expected to be up 1% YoY at $3.1bn as overall declines in volume amid a weaker

consumer are offset by pricing actions. Although our profit estimate falls on the lower sales

base, we still see growth and margin expansion against an easy comp base with reported

operating income of $245mn. On the bottom line, we see flat adj. EPS of $0.35 as higher

financing leads to lower net income despite profit growth.

JBS: We stay OW but lower our price target to $20 (from $21) due to lower estimates. We expect

consolidated sales to increase nearly 10% YoY to just over $23 billion, supported by growth