Bunge price target raised to $122 from $117 at Citi

Citi analyst Thomas Palmer raised the firm’s price target on Bunge to $122 from $117 and keeps a Buy rating on the shares post the Q1 report. There might not be much nearer-term urgency to own the shares as industry oilseed crush and refined oil margins have worsened in recent months, and there is limited visibility as to when industry trends might improve, the analyst tells investors in a research note. However, the firm still sees upside potential to earnings and the share price over time, aided by the Viterra acquisition, continued share buybacks, and capital projects coming online.