Bunge (BG) PT Lowered to $96 at Citi

Citi analyst Thomas Palmer lowered the price target on Bunge (NYSE: BG) to $96.00 (from $114.00) while maintaining a Neutral rating.

The analyst comments "Bunge (BG – Neutral) is scheduled to report 3Q24 earnings on Wednesday, October 30. We think a 3Q EPS beat is likely and BG could boost its 2024 outlook by enough to send 4Q24 EPS estimates higher. The upward EPS revisions would mainly come from improving oilseed crush margins. Perhaps this could send the shares higher, especially when considering the elevated short interest. However, we do not expect a beat-and-raise quarter to alleviate concerns about earnings in 2025 and beyond."

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