Bunge price target lowered to $120 from $130 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Bunge to $120 from $130 but keeps an Outperform rating on the shares. The company’s 2024 outlook framing likely was slightly softer than expected, but the guidance is likely conservative and the normalizing earnings environment is largely priced in, the analyst tells investors in a research note. BMO adds that it remains constructive on Bunge on earnings potential post M&A closing.