UPDATE: JP Morgan Initiates Bunge Limited at Overweight on Favorable Geographic Exposure
JP Morgan initiated coverage on Bunge Limited (NYSE: 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.
Latest Ratings for BG
|Aug 2016||Bank of America||Upgrades||Neutral||Buy|
|Jul 2016||BB&T Capital||Initiates Coverage on||Buy|
|May 2016||Credit Suisse||Maintains||Outperform|
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