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Deutsche said in its upgrade of the bank that it sees an improving risk/reward.
"Some of the lag in shares is justified in our view as we had been cautious on the long term EPS power ofand we thought the current crisis would delay the turnaround story. There's also increasing market concerns that WFC may cut its dividend . However, most of all these risks seem priced into shares in our view. Furthermore, we expect the new CEO to lay out a medium/long term turnaround story later this year/early 2021.
"Coronavirus outbreaks in meat plants led to a sharp decline in pork and beef production in late April/early May, which has since partially recovered with U.S. pork production -6.2% YoY in the WE 5/29 vs. -33.9% in early May and beef production -7.6% vs. -33.6% in early May.resumed limited operations at most beef and pork plants in the first week of May. Based on our estimates, ~55% of Tyson's pork production capacity and ~36% of its beef capacity were completely idled as of May 1.
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