Archer Daniels Midland (ADM) PT Raised to $111 at Stifel

Stifel analyst Vincent Anderson raised the price target on Archer Daniels Midland (NYSE: ADM) to $111.00 (from $100.00) while maintaining a Buy rating following earnings.

The analyst commented, "We are updating our estimates following a solid 1Q22 performance from ADM and management guidance for 2022. On net, we increase our estimates significantly for 2022 as a result of continued strong growth in the company's Bio-Solutions products, positive global crush and RPO margins, as well as positive S/D fundamentals in global grain markets which ADM should be able to capitalize on through its destination marketing initiatives and US-heavy origination footprint. We also remain positive on the company's Nutrition portfolio, and note that acquisitions as well as organic growth have continued to support strong operating income growth, now anticipated to be +20% y/y for 2022 vs. prior +15% guidance. We maintain our Buy rating and increase our target price to $111, reflecting a 19.0x blended 2022/23E EPS of $5.86."

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