BofA analyst Salvator Tiano lowered the firm’s price target on Archer Daniels to $71 from $85 and keeps a Neutral rating on the shares. The firm lowered its 2024 EPS estimate to $5.60 from $6.00, largely on lower soy crush/ethanol margins and lower Nutrition earnings, while lowering its 2025 EPS forecast to $5.95 from $6.15 previously. The firm is applying a reduced price-to-earnings multiple to its estimates to reflect Nutrition issues, noting that Nutrition’s performance is “lackluster,” especially when compared to the metrics such as EBIT or EBITDA return on assets for the rest of the company.
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