BMO Capital lowered the firm’s price target on Archer Daniels to $90 from $100 but keeps an Outperform rating on the shares. The company’s Q3 earnings beat included a benefit from MTM and insurance gain, while its better RPO and Carb Solutions profits also more than offset lower Nutrition, Ag Services and Crush, the analyst tells investors in a research note. The firm adds that its updated model accounts for lower U.S. crush curve and longer Decatur East downtime, though it also continues to expect greater EPS durability than the market for Archer Daniels.
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Read More on ADM:
- Archer Daniels expects ‘another strong year in 2024’
- Archer Daniels raises FY23 EPS view ‘to exceed $7.00’ from ‘around $7.00’
- Archer Daniels says ‘on track’ to exceed previous FY23 earnings expectations
- Archer Daniels reports Q3 EPS $1.63, consensus $1.52
- Notable companies reporting before tomorrow’s open
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