UPDATE: Morgan Stanley Lowers PT on Archer Daniels Midland to $37

Morgan Stanley is out with its report today on Archer Daniels Midland (NYSE: ADM), lowering its PT from $40 to $37.

In its report, Morgan Stanley writes, "We remain Overweight ADM on attractive valuation and risk-reward. However, we are lowering our price target and estimates to reflect a lower ROIC due to continued oilseed margin weakness."

Shares of ADM closed Tuesday at $27.74, down 4.15% from Monday's close.