Ingredion (INGR) PT Raised to $155 at Credit Suisse
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Credit Suisse analyst Robert Moskow reiterated an Outperform rating and raised his price target on Ingredion (NYSE: INGR) to $155.00 (from $150.00) following beat and raise.
Moskow commented, "The muted response in Ingredion’s stock price to its 3Q beat-and-raise indicates a high degree of skepticism in the market that the company can deliver its algorithm of double-digit EPS growth in 2017 on top of outstanding 20% growth in 2016. In our view, the market underestimates the degree to which the factors that fueled this year's strong performance will continue into next year. As a result, we are raising our 2016 and 2017 EPS estimates above consensus to $7.10 and $7.81 respectively (from $6.84 and $7.50) and raising our target price to $155/share (from $150)."
Shares of Ingredion closed at $128.97 yesterday.
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