Goldman Sachs upgraded Ingredion to Buy from Neutral with a price target of $135, up from $122, which represents 25% upside potential. Following the Q4 results, the shares are attractively valued, with estimates failing to give Ingredion full credit for rising balance sheet optionality and deployment of Korea divestiture proceeds, the analyst tells investors in a research note. The firm says the company’s operating execution and consistency has “notably improved” over the past 12-18 months, with productivity initiatives, cost control and specialty ingredient mix more than fully mitigating a challenging volume environment.
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