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Hormel Foods (HRL - Get Report) shares were down 3% in trading Tuesday after analysts at JPMorgan downgraded the stock to underweight from neutral.

The firm also slashed its price target by 10% to $36 from $40, a downside from the stock's closing price on Monday of $40.43.

"Hormel is heavily reliant upon pork as an input for its products (17%+ of total cost of goods sold by our estimate), and we do not think the company will be able to fully offset these cost increases through pricing," the firm wrote. 

The company will suffer from rising pork prices as well as declining distribution points for its Jennie-O ground turkey products, according to JPMorgan.