Argus downgraded Archer Daniels to Hold from Buy with no price target after the company placed CFO Vikram Luthar on administrative leave, pending an investigation into accounting practices at the company’s Nutrition unit, and indefinitely postponed reporting its fourth-quarter and full-year 2023 financial results due to a lack of confidence in financial results for the Nutrition business. The firm recommends a Hold on the shares while the investigation plays out and pending the release of the 2023 results.
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