UPDATE: Scotia Capital Raising Price Target on Archer-Daniels-Midland

Scotia Capital is out with a research report on Archer-Daniels-Midland Company (NYSE: ADM) and it is raising its price target to $34 from $33, and it has a Sector Perform rating on shares.

In a note to clients, Scotia Capital writes, "Ag Services segment beats. ADM surprised investors by posting strong results in grain merchandising. Operating profit of $244M in Ag Services was well above our forecast of $168M. Cargill and Bunge had earlier reported weaker results, citing market volatility."

Shares of ADM are up 63 cents to $29.17, a gain of 2.21%.