02:10 PM EDT, 05/08/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lift our 12-month target by $6 to $132, 14x our 2024 EPS of $9.42 (up from $9.33; 2025 up to $10.43 from $9.98) and in line with INGR's long-term average forward P/E. Q1 adj-EPS of $2.08 (-26% Y/Y) beat by $0.02 on revenues of $1,882M . Price/mix fell 8%, while organic volumes fell 2% (severe winter weather in January was a slight headwind). Price/mix growth is expected to be down throughout 2024 as INGR passes on lower corn costs to its customers. However, volumes are expected to turn positive by Q2 (INGR is now lapping last year's customer de-stocking), which should also help with margin expansion given better fixed cost absorption. INGR raised the bottom end of its 2024 adj-EPS guidance range by $0.05, now targeting $9.20 to $9.85 in adj-EPS (was $9.15 to $9.85). Our opinion is Buy, as we see value with sales trends likely improving and margin expansion poised to continue. Cash flow is also strong, and INGR has a solid balance sheet with low leverage.