UPDATE: Jefferies Lowers PT on Archer Daniels Midland from $44 to $40

Jefferies has published a report on Archer Daniels Midland

lowering the price target from $44.00 to $40.00. In the report, Jefferies wrote, "The expectations bar is relatively low given the underwhelming performance of industry ethanol and soybean crush margins in the quarter. With key margins bouncing off of trough levels and shares trading at 1.2x P/BV -- a large discount to the five-year mean of 1.7x -- we continue to view the shares as a compelling large cap value play." Jefferies rated Archer Daniels Midland a BUY with a price target of $40.00. Archer Daniels Midland closed Monday at $32.12.