Bunge downgraded to Neutral from Outperform at Baird

Baird analyst Ben Kallo downgraded Bunge (BG) to Neutral from Outperform with a price target of $115, down from $127. The company beat consensus estimates but issued initial 2023 guidance below Street expectations, the analyst tells investors in a research note. While the guidance is likely conservative and a starting point for the year, the shares will likely "languish in the near term" until there is more clarity on 2023 and beyond, the firm contends. Baird now prefers Darling Ingredients (DAR) and Archer Daniels (ADM) to Bunge for sector exposure.