Monness Crespi analyst Chris Shaw downgraded Archer Daniels to Sell from Neutral with a $38 price target. The analyst said shares up more than 20% since hitting lows in August due to optimism over the Phase 1 China trade deal and some rotation inot more defensive, underperforming sectors. Shaw believes the move is overdone and that Archer Daniels' near-term outlook has actually worsened over the last part of 2019. He said Ethanol margins have worsened and low exports and small refinery exemptions continue to hurt this business while the Origination business is experiencing lower volumes and a higher basis, which will impact Q4 and Q1 profitability.