UPDATE: BMO Capital Markets Downgrades Archer Daniels Midland to Market Perform on Corn Concerns
BMO Capital Markets reduced its rating on Archer Daniels Midland (NYSE: ADM) from Outperform to Market Perform and reduced its price target from $36 to $32.
BMO Capital Markets commented, "We downgraded ADM to MARKET PERFORM from OUTPERFORM as increased concern regarding the health of the corn (and soybean) crop may have a ripple effect across ADM's value chain. Corn fundamentals have materially reversed over the last several weeks, as recent hot, dry weather during the key corn maturation period has created a risk to yields (December corn increased from $5 to $7)."
Archer Daniels Midland closed at $28.39 on Friday.
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Tags: BMO Capital Markets