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UPDATE: Piper Jaffray Upgrades Bunge on 2H13 Margin Recovery

Related BG
Earnings Scheduled For July 28, 2016
Earnings Momentum Continues To Support Stocks Despite Weak Oil
Notable earnings before Thursday's open (Seeking Alpha)

In a report published on Wednesday, Piper Jaffray analyst Michael E. Cox upgraded Bunge (NYSE: BG) from Neutral to Overweight and raised the price target on the company from $77 to $82.

In the report, Piper Jaffray stated, "We believe the combination of improving port conditions in Brazil, delays in U.S. planting resulting in a late harvest, and tight channel inventory levels presents a positive soybean crush environment. Much improved growing conditions y/y for sugarcane and favorable Brazilian policy surrounding ethanol should aid in the profit recovery story within the Sugar & Bioenergy segment. Lastly, the closing of the fertilizer asset sales to Yara will bring $750 million in liquidity which we believe will be used to repay debt and/ or repurchase shares. We believe the confluence of these factors will support valuation multiple expansion."

Bunge closed on Tuesday at $70.18.

Latest Ratings for BG

Jul 2016BB&T CapitalInitiates Coverage onBuy
May 2016Credit SuisseMaintainsOutperform
Apr 2016CitigroupMaintainsBuy

View More Analyst Ratings for BG
View the Latest Analyst Ratings

Posted-In: Michael E. Cox Piper JaffrayAnalyst Color Upgrades Analyst Ratings


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