Analyst Adam Samuelson of Goldman Sachs reiterated a Buy rating on Bunge (BG – Research Report), reducing the price target to $9.72.
Adam Samuelson has given his Buy rating due to a combination of factors that underscore Bunge’s robust operational performance and future potential. Notably, Bunge’s first quarter of 2024 earnings surpassed expectations in its principal segments, indicating a strong foundation despite the unchanged EPS guidance for the year. Samuelson acknowledges that while the market reacted slightly negatively to the EPS guidance, the underlying business dynamics remain solid and are likely to support growth.
In addition, Samuelson’s analysis leads to a modest adjustment in the second-quarter EPS projections, reflecting a more conservative stance. However, the full-year earnings forecast remains slightly above the prior estimate, signaling confidence in Bunge’s resilience and profitability. This optimism is further reflected in the increased price target, which suggests that Bunge’s stock has room to grow and offers an attractive investment proposition at the current valuation, thus justifying the Buy rating.
In another report released yesterday, Citi also maintained a Buy rating on the stock with a $122.00 price target.
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Bunge (BG) Company Description:
Bunge Ltd. operates as a holding company, which engages in the supply and transportation of agricultural commodities. It operates through the following segments: Agribusiness, Edible Oil Products, Milling Products, Sugar and Bioenergy and Fertilizer. The Agribusiness segment involves in the purchase, storage, transportation, processing, and sale of agricultural commodities and commodity products. The Edible Oil Products segment includes production and sale of vegetable oils, shortenings, margarines, and mayonnaise. The Milling Products segment consists of production and sale of wheat flours, bakery mixes, corn-based products, and rice. The Sugar and Bioenergy segment comprises manufacture and marketing of sugar and ethanol derived from sugarcane, as well as energy derived from the sugar and ethanol production process. The Fertilizer segment focuses on producing, blending, and distributing fertilizer products for the agricultural industry. The company was founded by Johann Peter Gottlieb Bunge in 1818 and is headquartered in White Plains, NY.
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