Fly News Breaks for March 2, 2020
Mar 2, 2020 | 09:08 EDT
Monness Crespi analyst Chris Shaw upgraded Archer Daniels to Neutral from Sell as the stock has fallen below his previous $38 price target. In a research note to investors, Shaw says that although the move in the shares was mostly due to a broad market correction resulting from the coronavirus outbreak, he believes Ag markets remain weak and that disruptions from the pandemic may further hurt the sector. Although his thesis that Archer Daniels would be hurt by historically high basis levels in the U.S. and a lack of carry trade opportunities really hasn't had time to play out, Shaw says that the drop in the share price has removed most of the downside risk.
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