UPDATE: Miller Tabak Upgrades Archer Daniels Midland Company to Buy, Raises PT

In a report published Wednesday, Miller Tabak + Co. upgraded its rating on Archer Daniels Midland Company (NYSE: ADM) from Neutral to Buy, and raised its price target from $26.00 to $34.00.Miller Tabak noted, “In our view, the drought-related (i.e. Mississippi river levels) and M&A risks to ADM's long-term investment case have been increasingly priced into shares. While earnings volatility may persist during the next two quarters, we believe it is reasonable for investors to shift their focus to a post-drought earnings recovery at current valuation levels. With shares currently trading at ~10x FY:14 consensus EPS (June YE) and ~1x tangible book value, we would encourage investors to capitalize on market volatility in Q1 and initiate an overweight portfolio position. More importantly, we believe ADM is pro-actively managing underlying corn cost risk by remaining disciplined on the M&A front, taking efforts to shore up its balance sheet, and leveraging tight corn syrup capacity levels to secure satisfactory 2013 price contracts for HFCS.”Archer Daniels Midland Company closed on Monday at $27.39.