Cal-Maine Foods

CALM · NASDAQ

$61.72−$0.32 (−0.52%)TodayMarket closed · Oct 20, 7:30 PM ET

Prev close $62.04

CALM analyst rating

HoldConsensus of 3 analysts over the last 12 months. 0% rate it a buy.

Strong buy0
Buy0
Hold3
Underperform0
Sell0

12-month price target · 7 analysts

Average $80.61 (+30.6% upside)

Low: $70.70
Now: $61.72
High: $105.00

Upgrades and downgrades

The latest rating actions, newest first

CALM analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Stephens & Co.	Oct 1, 2026	Maintains	Equal-Weight	$80.00 → $70.00	76%
BMO Capital	Sep 24, 2026	Maintains	Market Perform	$83.00 → $75.00	33%
Stephens & Co.	Sep 22, 2026	Maintains	Equal-Weight	$90.00 → $80.00	76%
StoneX	Sep 4, 2026	Downgrade	Buy → Hold	—	34%
BMO Capital	Jul 23, 2026	Maintains	Market Perform	$75.00 → $83.00	33%
Stephens & Co.	Jul 14, 2026	Maintains	Equal-Weight	$90.00 → $85.00	76%
BMO Capital	Mar 25, 2026	Maintains	Market Perform	$85.00 → $80.00	33%
Stephens & Co.	Mar 18, 2026	Maintains	Equal-Weight	$85.00 → $90.00	76%
Stephens & Co.	Jan 8, 2026	Maintains	Equal-Weight	$95.00 → $85.00	76%
BMO Capital	Jan 8, 2026	Maintains	Market Perform	$97.00 → $85.00	33%

The case for and against

Updated Oct 17, 2026

Bull case

Cal-Maine Foods is attractive because its core egg business benefits from a broad product mix and dominant distribution into grocery, club, independent, foodservice, healthcare, and education channels, while Prepared Foods is becoming a meaningful growth engine. Sequential Prepared Foods sales rose to $63.0 million in 1Q27 from $60.4 million in 4Q26, and capacity is expected to expand by more than 60% by the first half of FY28, supported by $54 million of additional investments and improving fixed-cost absorption. Despite softer USDA southeast egg prices at $0.94/dozen and higher feed costs, the company’s commercial scale, diversified demand base, and resolution of DOJ and 17 state AG claims reduce risk and support long-term profitability.

Bear case

Cal-Maine Foods is facing a fundamentally weak setup because oversupplied egg markets have driven sharp pricing deterioration, with 1Q27 adjusted EPS of ($1.23) missing estimates as gross margin weakened, SG&A rose, and other income fell. Net sales declined 41.5% to $539.6 million and the average selling price dropped 40.4% to $1.48/doz., while layers and table egg production remained elevated, signaling that supply rationalization is still incomplete. Although management is pursuing hybrid pricing and prepared foods growth, those self-help efforts are being offset by soft conventional and specialty pricing, higher feed costs, and litigation and agricultural risks that could keep earnings under pressure.

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