Jefferies & Company has published a research report on Archer-Daniels-Midland ADM after the company reported 2Q earnings of $1.14 that beat estimates of $0.77.
In the report, Jefferies writes that "Generic ethanol operating profit margins fell almost 40% in F2Q11, but ADM's extremely favorable corn ownership position appears to have the vast majority, if not all, of this margin pressure. The result was a 135% increase in Bioproducts EBIT to $280M - twice what we and likely most on the Street had been expecting. Ag Services EBIT was also up big, or +180% to $426M. We had expected Ag Services EBIT to double, but it almost tripled on increased wheat, corn and soy export volumes."
Jefferies maintains its Hold rating and $36 price target.
Archer-Daniels-Midland closed yesterday at $32.67
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