Bunge Upgraded by Merrill Lynch to “Buy” (BG)
Bunge (NYSE:BG) was upgraded by analysts at Merrill Lynch from a “neutral” rating to a “buy” rating in a research report issued to clients and investors on Monday, AmericanBankingNews.com reports.
Shares of Bunge (NYSE:BG) traded up 2.85% during mid-day trading on Monday, hitting $82.39. 2,050,357 shares of the company’s stock traded hands. Bunge has a 52-week low of $63.18 and a 52-week high of $80.99. The stock’s 50-day moving average is $76.41 and its 200-day moving average is $72.94. The company’s market cap is $12.111 billion.
Bunge (NYSE:BG) last announced its earnings results on Thursday, October 24th. The company reported $2.02 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.21 by $0.19. The company had revenue of $14.70 billion for the quarter, compared to the consensus estimate of $16.91 billion. During the same quarter in the previous year, the company posted $2.08 earnings per share. The company’s revenue for the quarter was down 11.1% on a year-over-year basis. On average, analysts predict that Bunge will post $6.48 earnings per share for the current fiscal year.
BG has been the subject of a number of other recent research reports. Analysts at Bank of America Corp. upgraded shares of Bunge from a “neutral” rating to a “buy” rating in a research note to investors on Monday, October 21st. They now have a $90.00 price target on the stock, up previously from $78.00. Separately, analysts at Credit Suisse initiated coverage on shares of Bunge in a research note to investors on Wednesday, October 9th. They set a “neutral” rating and a $82.00 price target on the stock. Finally, analysts at Goldman Sachs Group Inc. initiated coverage on shares of Bunge in a research note to investors on Wednesday, September 4th. They set a “neutral” rating and a $82.00 price target on the stock. Six research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. Bunge presently has a consensus rating of “Buy” and an average target price of $84.32.
Bunge Limited is a holding company, and its operations are conducted through its subsidiaries. The Company is a global agribusiness and food company with integrated operations that stretch from the farm fields to consumer foods.
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