Smithfield Foods Hits 13-Month High

Stock quotes in this article: SFD  

NEW YORK (TheStreet) -- Smithfield Foods(SFD Quote) reached a 13-month high Wednesday, after the pork processor was upgraded.

Deutsche Bank upgraded Snithfield to buy from hold, citing Smithfield's restructuring efforts, a reduction in the number of breeding hogs because of smaller competitors' growing financial problems and an uptick in demand for U.S. pork overseas.

Analyst Christina McGlone also raised her price target on Smithfield to $20 from $12.

As a result, shares in the company spiked 8.6% to $16.97 in afternoon trading.

-- Reported by Jeanine Poggi in New York

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