Ingredion price target lowered to $123 from $143 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the firm’s price target on Ingredion (INGR) to $123 from $143 and keeps a Market Perform rating on the shares. Volume declines accelerated in both FII segments attributed to softer demand, Argo operations issues, and disruption with a LATAM customer, the analyst tells investors in a research note. The stock trades at an attractive valuation, but a multiple discount is warranted for ongoing demand and pricing power risks, the firm added.