UPDATE: JP Morgan Initiates Bunge Limited at Overweight on Favorable Geographic Exposure

JP Morgan initiated coverage on Bunge Limited BG with an Overweight rating and an $85 price target. JP Morgan commented, "Our Overweight rating is predicated on BG's strong geographic exposure to South America, where production of soybeans and sugarcane is looking strong for the coming season, offset by drought conditions in the U.S., which hampers visibility in the region. With 36% of oilseeds processing capacity and 60% of port capacity located in South America, BG in our view is uniquely positioned to benefit from continued growing demand for protein in Asia. Overall, we believe the stock should continue to outperform its peers." Bunge Limited closed at $74.47 on Friday.