Ingredion price target lowered to $133 from $147 at BMO Capital

BMO Capital lowered the firm’s price target on Ingredion (INGR) to $133 from $147 and keeps a Market Perform rating on the shares after its Q4 results and outlook. The company’s EPS guidance mid-point was consistent with consensus, but the segment details were “disappointing” as operating income growth forecast is only up mid-single-digits, the analyst tells investors in a research note. BMO adds however that it is retainign a constructive view of steady-state fundamentals supported by ongoing volume recovery, accelerated cost savings, and growth projects.