Baird analyst Ben Kallo downgraded Bunge (BG) to Neutral from Outperform with a price target of $115, down from $127. The company beat consensus estimates but issued initial 2023 guidance below Street expectations, the analyst tells investors in a research note. While the guidance is likely conservative and a starting point for the year, the shares will likely "languish in the near term" until there is more clarity on 2023 and beyond, the firm contends. Baird now prefers Darling Ingredients (DAR) and Archer Daniels (ADM) to Bunge for sector exposure.
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on BG:
- Bunge sees FY23 adjusted EPS ‘at least’ $11.00, consensus $12.00
- Bunge reports Q4 adjusted EPS $3.24, consensus $3.22
- Bunge increases monitoring of soybeans from indirect supply chain in Brazil
- Here’s What Choppy Grain Prices Mean for Bunge (NYSE:BG)
- Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations
Questions or Comments about the article? Write to editor@tipranks.com