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Fly News Breaks for October 7, 2019
Oct 7, 2019 | 16:20 EDT
Stephens analyst Ben Bienvenu initiated coverage of Ingredion with an Overweight rating and $97 price target. While the company's earnings are expected to decline for the second year in a row, the stock is trading at a discount to its fair value, Bienvenu tells investors in a research note. The analyst thinks Ingredion's earnings have likely approached a bottom as the company laps the impact of currency headwinds and low byproduct values. The stock's multiple should move up towards historical average, "providing attractive upside potential," contends Bienvenu.
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