Standpoint Research Upgrades Archer Daniels Midland (ADM) to Buy; Picking A Bottom...No Problem

Standpoint Research upgraded Archer Daniels Midland (NYSE: ADM) from Hold to Buy with a price target of $33.00.

Analyst, Ronnie Moas, said, "I picked a top on Archer Daniels Midland on May 1, 2012 @ $33. I will now try and pick a bottom with the shares at a six-year low (excluding the 2008 crash). Since our May 1 downgrade, ADM shares have dropped by more than 25% in a flat market. The shares are now trading below the price that I recommended ADM at in August 2011 and are once again undervalued. In my opinion the market has over-reacted to the drought and bad news from Q2. Our target price is $33 looking out to 2013-2014."

For an analyst ratings summary and ratings history on Archer Daniels Midland click here. For more ratings news on Archer Daniels Midland click here.

Shares of Archer Daniels Midland closed at $25.82 yesterday.

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