As previously reported, BofA downgraded Archer Daniels (ADM) to Underperform from Neutral with a price target of $45, down from $47. Q1 results offered investors some relief, with management maintaining its FY25 EPS guidance of $4.00-4.75, albeit expecting earnings at the low-end of the range, the analyst noted. However, the firm views “optimism as misplaced,” noting that it has further cut its EPS estimate to $3.90 and sees potential for additional earnings pressure. ADM’s results raised more questions than answers and the firm struggles to reconcile management’s commentary with EPS that remains over $4, the analyst tells investors.
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