Citi Raises PT On ADM to $43

Citi has raised its price target on Archer-Daniels-Midland Company ADM from $41 to $43 based upon a visit with ADM management. In the report, Citi writes, “We are increasing our EPS estimates and lifting our price target to $43 (up $2) on ADM shares following our visit with ADM management, which reinforced the notion that the overall global agricultural environment is one in which ADM should flourish, with near-term earnings likely to be driven by its Agricultural Services and Corn Sweetener units. Thus, with the stock currently trading at 9.7x our F2012 EPS estimate and representing a ~30% discount to its historical valuation, we see very good value in ADM shares and reiterate our 1H Buy rating.” ADM closed yesterday at $35.04.