Ingredion upgraded to Overweight from Equal Weight at Stephens

Stephens analyst Ben Bienvenu upgraded Ingredion to Overweight from Equal Weight with a price target of $120, up from $100. Given constrained industry capacity and sustained demand, he expects the company to have pricing power and thinks a combination of "very strong" pricing and peaking costs should provide a setup for improved earnings into FY23 and beyond, Bienvenu tells investors.