RBC Capital upgrades Cranswick to 'outperform'

RBC Capital Markets upgraded Cranswick on Monday to ‘outperform’ from ‘sector perform’ and hiked the price target to 4,000p from 3,400p.

"We feel increasingly positive about Cranswick's long-term growth opportunities thanks to elevated levels of capex, our confidence in capital allocation post a recent Fresh Pork site visit and its endeavour into Pet Food," RBC said.

"Our estimates assume conservative levels of return on investment and capture pig price headwinds."

Cranswick is a producer and supplier of meat products.