Jefferies Maintains Buy on Archer-Daniels-Midland

Jefferies is out with its report today on Archer-Daniels-Midland ADM, maintaining Buy. In its report, Jefferies writes, "ADM reported F4Q EPS of $0.58, well below the $0.83 Street estimate. Importantly, the F4Q tax rate came in at 50%, almost 2X the 27% run rate and implied guidance. Ex the tax rate, F4Q EPS were $0.83, right on top of the Street estimate. In addition, segment operating profit and EBT were both in line. Unfavorable pre-market reaction is unjustified in our view." Jefferies maintains a $40 PT on ADM. Shares of ADM were trading pre-market at $29.30, down 3.87% from Monday's close.