Bunge reinstated with an Outperform at BMO Capital

BMO Capital analyst Andrew Strelzik reinstated coverage of Bunge with an Outperform rating and $120 price target, which implies 30% upside. The company is on track to sustainably generate earnings per share of $11-plus, reflecting strong fundamentals, returns on projects, incremental cash deployment, and operational improvements, the analyst tells investors in a research note. The firm expects Bunge to exceed consensus estimates in 2023 and 2024.