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September 01, 2020 10:18am
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ADM, Bunge Gain On Upgrade

SAN FRANCISCO -- Grain processors Archer Daniels Midland and Bunge rose early Wednesday after Credit Suisse raised its recommendations on both companies to outperform from neutral. ADM traded up to $34.36. Bunge rose to $71.91. "Grain processors stocks have trailed their agribusiness peers since grain prices started rising in the summer so it's not too late to buy them," Credit Suisse analyst Robert Moskow said in a research note. He put a long range price target on ADM of $40 a share, up from $37. His target for Bunge jumped to $88 from $65, based on his 2013 profit estimate. Moskow said Bunge's sugar business could help the company outperform its peers in the stock market over the next three years.
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