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Tyson Foods Inc. (TSN) revealed its plan of initiating plant-based products under the First Pride brand in the Asia Pacific. This new line of products is being launched via a brick-and-mortar as well as e-commerce format.
The company will initially launch the products in Malaysia and subsequently will introduce them in other regions. Notably, the First Pride brand is well recognized in Malaysia and includes products such as frozen chicken, beef, and fish products.
Tyson Foods APAC President, Tan Sun said, “We are thrilled to offer Asia Pacific consumers more high-quality protein choices as they explore flexitarian diets. The Asian market is a natural fit for this category with traditional plant-based products like tofu already entrenched in the culture.” (See Tyson Foods stock analysis on TipRanks)
Tyson Foods will likely begin with frozen Bites, Nuggets, and Strips made with plants in Malaysia. These products are halal certified and made from local ingredients such as bamboo fiber, soy protein, and wheat protein.
On May 13, Barclays analyst Benjamin Theurer reiterated a Buy rating on the stock and raised the price target to $89 (11.1% upside potential) from $83.
Theurer noted that the present positive trend in the beef industry bodes well for Tyson. Notably, the company has pinpointed constraints in its chicken segment and can now focus on resolving them, the analyst added.
Consensus among analysts is that Tyson Foods is a Moderate Buy based on 5 Buys and 5 Holds. The average analyst price target of $82.38 implies the stock is almost fully priced at current level.
Shares have gained 26.1% so far this year.