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ThePigSite Latest News
Wednesday, September 19, 2007
Print This Page China's move against pork won't hurt Maple Leaf Foods
CANADA - China may have removed Maple Leaf Foods Inc.'s Brandon pork facility from its approved supplier list after two shipments from that location were found to contain a forbidden growth stimulant, but Octagon Capital analyst Robert Gibson doesn't think it will impact the company's bottom line.Maple Leaf 's exports to China are insignificant and will no longer be a factor to its revenues once the company is fully integrated, he said in a note to clients. However, there may be a small charge if Maple Leaf cannot resell the returned pork chops, Mr. Gibson said.
He maintained his "buy" recommendation and $18 target price, as well as his 40¢ and 92¢ earnings per share forecast for 2007 and 2008 respectively. The stock (MFI/TSX) closed at $16.10 yesterday.
Source: NationalPost
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