June 21, 2012 at 09:04 AM EDT
Topeka Capital Cuts Archer Daniels Midland to “Hold”; Target Also Cut (ADM)

Food products maker Archer Daniels Midland Company (ADM) late Wednesday caught a big downgrade from analysts at Archer Daniels Midland.

The firm downgraded ADM from “Buy” to “Hold” and lowered its price target from $38 to $31. That new target suggests a 4% upside to the stock’s Wednesday closing price of $29.88.

Archer Daniels Midland shares were mostly flat in premarket trading Thursday.

The Bottom Line
Shares of Archer Daniels Midland (ADM) have a 2.34% dividend yield, based on last night’s closing stock price of $29.88. The stock has technical support in the $26-$28 price area. If the shares can firm up, we see overhead resistance around the $32-$33 price levels.

Archer Daniels Midland Company (ADM) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here