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 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.

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