UPDATE: Bank Of America Reinstates Coverage On Bunge On Combination Of Tailwinds And Concerns

In a report published Tuesday, Bank of America analyst Evan Morris reinstated coverage on

with a Neutral rating and $95.00 price target. In the report, Bank of America noted, “Although Bunge (BG) is likely to benefit from near-term tailwinds and structural longer-term positives in the Agribusiness segment, potential near-term challenges in Brazil as well as uncertainty regarding the sale of the sugar assets result in us reinstating at Neutral. Our PO represents 13x our fiscal 2016 EPS estimate and 7.5x our EBITDA estimate, or a 10% discount to Archer Daniels Midland (ADM) and suggests modest upside potential from current levels.” Bunge closed on Monday at $88.75.