UPDATE: Topeka Capital Markets Upgrades Bunge Limited to Buy, Raises PT

In a report published Monday, Topeka Capital Markets upgraded its rating on Bunge Limited

from Hold to Buy, and raised its price target from $63.00 to $75.00. Topeka Capital noted, “Bunge recently reported revenues of $15.09b and an adjusted EPS of $1.20. This was in comparison to the Street's expectations of $15.6b and $1.33 and our estimates of $15.6b and $1.58. More importantly, the Company expects a very strong 2H12 as South America now appears to be the world's provider of export crops, as the North American drought impacts US supplies. We are adjusting our revenues and EPS estimates and raising our target price on the shares from $63 to $75. We are upgrading the shares from a Hold to Buy as we believe investors will begin to weigh the valuation and the opportunity favorably over the next several quarters.” Bunge Limited closed on Friday at $65.37.