Ingredion downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded Ingredion (INGR) to Equal Weight from Overweight with a price target of $124, down from $168. The firm says that while the company’s primary Texture and Healthful Solutions segment continues to post solid volume and profit growth, it has increased caution around its Food and Industrial Ingredients unit in both Latin America and the U.S. Continued demand weakness in the segment will be an overhang on Ingredion’s profit growth, the analyst tells investors in a research note. Barclays also believes that lower economic activity in Brazil and Mexico will continue to negatively impact both the company’s volumes and profits for the medium term.