Archer Daniels Midland (ADM) PT Raised to $76 at Stifel Following Conference
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Stifel analyst Vincent Anderson raised the price target on Archer Daniels Midland (NYSE: ADM) to $76.00 (from $73.00) while maintaining a Buy rating.
The analyst commented, "We are updating our ADM estimates to account for Wilmar's reporting of 1Q21 results and offering a review of ADM's commentary at our Cross Sector Insight conference. Wilmar International reported 1Q21 net income of $450.3 million, aided by a rebound in Chinese Food Products demand, reversals in mark to market losses, and stronger commodity prices. ADM owns ~22% of Wilmar International and will likely report 2Q21 Wilmar operating income in the area of ~$100 mn vs. our 2Q20 estimate of $65 mn. At our CSI conference, ADM highlighted the efforts it continues to make towards sustainable earnings growth, particularly in its Nutrition business. We maintain our Buy rating and increase our target price from $73 to $76 on a slight upward estimate revision and a 16.0x P/E multiple vs. 15.5x previously."
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst PT Change
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