Ingredion price target lowered to $136 from $157 at Oppenheimer

Oppenheimer lowered the firm’s price target on Ingredion (INGR) to $136 from $157 and keeps an Outperform rating on the shares as part of an earnings preview for the agriculture space. While expectations are “justifiably low” into the prints, Oppenheimer is “broadly cautious on the earnings setup,” the analyst tells investors in a research note. The firm says the consumer backdrop is seeing tepid growth with ingredients facing tough compares in the back half of the year and a challenging price backdrop. The setup in machinery is mixed while fertilizers have the most opportunity to surprise to the upside, contends the firm.