Morgan Stanley analyst Steven Haynes assumed coverage of Archer Daniels with an Equal Weight rating with a price target of $85, down from $94. The firm’s mid-cycle framework leads it to have a wider baseline EPS range versus company issued targets, balancing the risk of normalized supply and the upside from structural demand improvements, says the analyst, who notes that in the firm’s base case it sees Archer Daniels’ 2025 baseline EPS in a range of $5.50-$7.50 versus the company’s guidance of $6-$7 per share. Simultaneous with the analyst change, the firm is also raising its Agricultural Products industry view to In-Line from Cautious.
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