Roth/MKM Downgrades Archer Daniels Midland (ADM) to Neutral
Roth/MKM analyst Brian Wright downgraded Archer Daniels Midland (NYSE: ADM) from Buy to Neutral with a price target of $66.00 (from $98.00).
The analyst comments "On Sunday evening, ADM announced that the CFO, Vikram Luther, was put on administrative leave as a result of an ongoing investigation regarding certain accounting practices and procedures with respect to ADM’s Nutrition reporting segment that was initiated following a voluntary document request by the SEC. ADM also lowered '23 guidance to above $6.90. We are also lowering our 2024 and 2025 estimates, and our price target to $66 (from $98). We are also lowering our rating to Neutral from Buy."
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Shares of Archer Daniels Midland closed at $68.19 yesterday.