UBS starts Bunge at Buy on near-term earnings power

As previously reported, UBS analyst Manav Gupta initiated coverage of Bunge with a Buy rating and $133 price target. The market is primarily focused on margin compression in 2024-2025 while "ignoring" the $13.50-plus per share in earnings Bunge should deliver in 2022, Gupta tells investors. In addition, Bunge is not getting credit for $3.3B in capital it plans to deploy in the next three years, according to Gupta, who estimate this should add $2.50/share to EPS.