Bunge price target lowered to $138 from $161 at Roth MKM

Roth MKM lowered the firm’s price target on Bunge to $138 from $161 but keeps a Buy rating on the shares. The firm is updating its estimates to reflect recent weakness in crush margins, which should improve seasonally, but are starting FY24 well below FY23 levels, the analyst tells investors in a research note. Likely hedging in early Q4 of 2023 should protect profitability this quarter and in Q1, but the firm is now expecting substantial margin declines in Q2 through Q4, Roth MKM added..