UBS upgraded Archer Daniels (ADM) to Buy from Neutral with a price target of $60, up from $55. The firm believes “underappreciated policy tailwinds” will lead to better Nutrition results in the future for Archer Daniels. The House’s budget reconciliation bill makes it clear that no production tax credit will be given to renewable diesel made from imported feedstocks, the analyst tells investors in a research note. UBS believes this will benefit both crush and Archer’s Refined Products margins.
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