Ingredion downgraded to Equal Weight from Overweight at Barclays

Barclays analyst Benjamin Theurer downgraded Ingredion to Equal Weight from Overweight with a price target of $110, up from $105. The core investment thesis for Ingredion remains intact, but following the recent stock price rally, there is limited upside potential, the firm tells investors in a research note. The analyst believes a multiple expansion for the shares is not yet warranted and views Ingredion as fully valued.