Sales DeclineDespite decreases in sales, the company started the year with solid outperformance on profitability and expanding margins.
Valuation ConcernsMarket Perform rating is reiterated owing to valuation sensitivity.
Valuation SensitivityReiterate Market Perform owing to valuation sensitivity, though constructive on INGR’s outlook supported by ongoing volume recovery, lower corn prices, internal cost savings, organic growth projects, and ample cash for buybacks and M&A.