Archer Daniels price target lowered to $65 from $70 at Jefferies

Jefferies analyst Dushyant Ailani lowered the firm’s price target on Archer Daniels to $65 from $70 and keeps a Hold rating on the shares. Q4 EPS of $1.36 came in largely in-line and the company introduced its FY24 outlook with EPS at $5.75 at the mid-point versus consensus of $5.90, the analyst noted. ADM also announced a $2B buyback program and during the call management noted that the internal investigation is largely complete with restatements of inter-segment sales and consolidated statements not materially impacted, the analyst added in a post-earnings note.