UPDATE: BMO Capital Markets Downgrades Archer Daniels Midland to Market Perform
BMO Capital Markets downgraded Archer Daniels Midland (NYSE: ADM) from Outperform to Market Perform and maintained a $32.00 price target.
BMO Capital Markets noted, "We are downgrading ADM to Market Perform. Our view that ADM has enhanced its earnings power through structural internal improvements and better capital allocation remains entirely unchanged. However, we believe the near-term stock upside remains limited, as ADM's stock price better reflects its earnings power and the US corn crop outlook is uncertain. ADM is trading at 11x consensus 2014 EPS relative to forward 12-month P/E of 9x in late July as ADM's stock outperformed the S&P by 1,700 basis points over that time."
Archer Daniels Midland closed at $31.70 on Monday.
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