Citi analyst Thomas Palmer initiated coverage of Archer Daniels with a Neutral rating and $57 price target. The analyst believes the recently deteriorating oilseed crush and biofuels margins are likely to weigh on the company’s earnings. The shares are approaching decade lows on multiples, which makes it tough to call for more multiple compression, but “there are plenty of earnings headwinds,” the analyst tells investors in a research note.
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