KeyBanc is "incrementally positive on chicken," but that doesn't mean any price will do for...

|By:, SA News Editor

KeyBanc is "incrementally positive on chicken," but that doesn't mean any price will do for shares of Sanderson Farms (SAFM) which are downgraded to Hold from Buy. In a valuation call, analyst Akshay Jagdale says protein companies have generally traded at a 12-14 multiple over the past seven years and at 13.8x estimates, SAFM's valuation is "full."