BofA lowered the firm’s price target on Archer Daniels to $90 from $94 and keeps a Neutral rating on the shares. Despite Archer Daniels’ Q3 adjusted EPS slightly topping the firm’s forecast, BofA views the mix “negatively,” the analyst tells investors. While the firm’s EPS estimates are little changed for 2023-25, it has “significantly cut” its Nutrition earnings forecasts and believes the earnings mix shift warrants a downward adjustment to the stock’s valuation, the analyst added in a post-earnings note.
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