"The company is a leading protein and packaged food company, with an increased focus in recent years on the natural/organic space with the acquisitions of Applegate Farms and Justin's," the firm wrote in an analyst note.
"We overall look favorably upon the company's competitive positioning, M&A model, management team, consistent record of execution and strong track record of delivering shareholder value," Oppenheimer added.
But the firm's forecasts for more muted earnings per share growth in the intermediate term combined with current valuation parameters support its perform rating.
"We would be more constructive on the story on a pullback and/or positive revisions to our assessment of the company's earnings power," Oppenheimer added.
Separately, the stock was upgraded to "buy" from "hold" at Edward Jones today.
The Austin, MN-based company's brands include Hormel, Skippy peanut butter, Spam, Muscle Milk and Valley Fresh.
Shares of Hormel Foods closed lower on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of A on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, revenue growth, notable return on equity and largely solid financial position with reasonable debt levels by most measures.
The team believes its strengths outweigh the fact that the company shows weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: HRL