Morgan Stanley analyst Steven Haynes downgraded Archer Daniels (ADM) to Underweight from Equal Weight with a price target of $50, down from $57. The firm sees risk that the Environmental Protection Agency’s renewable volume obligation has raised expectations into 2026 and overshadowed further downside in Archer’s Carb Solutions unit due to weaker margins. Morgan Stanley sees an unfordable setup for Archer Daniels shares.
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