UPDATE: Bank of America Upgrades Bunge Ltd. on Upside to Estimates Over Upcoming Quarters
In a report published Monday, Bank of America analyst Bryan D. Spillane upgraded the rating on Bunge Ltd. (NYSE: BG) from Neutral to Buy, and raised the price target from $78.00 to $90.00.
In the report, Bank of America noted, “We are upgrading Bunge from Neutral to Buy as we see upside to estimates over the next few quarters due to the large US corn and soybean crops, outlook for another record grain crop in Brazil for the 2013/14 harvesting season, the outlook for improved FCF, potential use of proceeds from sale of Fertilizer business to Yara, and increased focus on ROIC.”
Bunge Ltd. closed on Friday at $80.79.
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