Barclays Double Downgrades Archer Daniels Midland (ADM) to Underweight, 'A softer crush is crushing our estimates'
Barclays analyst Benjamin Theuer downgraded Archer Daniels Midland (NYSE: ADM) from Overweight to Underweight with a price target of $60.00 (from $95.00).
The analyst comments "We downgrade ADM to UW from OW and lower our PT to $60 (was $95), driven by weaker crush margins, a tougher ethanol comp, and lingering challenges in Nutrition. Additionally, on Sunday (1/21) ADM announced an unexpected CFO change, while also announcing a delay in its 10K and 4Q results filing."
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Shares of Archer Daniels Midland closed at $68.19 yesterday.