11:20 AM EDT, 03/12/2024 (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 $67, 10.9x our 2024 adj-EPS of $6.13 (up from $6.10; 2025's set at $6.34) vs. the 14x long-term average forward P/E. Q4 adj-EPS of $1.36 (-30% Y/Y) missed by $0.07, as adj-total segment EBIT fell 16% Y/Y to $1,399M. ADM targets $5.25-$6.25 of EPS in 2024, down 18% Y/Y at the midpoint, as macro conditions are normalizing, following the last few years of elevated crop prices and supply chain disruptions. That said, Nutrition operating profits should return to growth after falling 36% Y/Y in 2023 to $427M. We expect 2024 to be the trough from an earnings perspective, as ADM still feels comfortable about the 2025 targets it set back in 2021. The update provided today on the intersegment accounting issue was better than feared, which we believe will remove a major overhang on the shares. ADM's capital allocation will shift this year to shareholder returns, noting a $2B additional share buyback was announced today, with $1B being executed as soon as possible. We upgrade to Buy.