Archer Daniels Midland (NYSE:ADM) should continue to accelerate on the pricing tailwinds they received from corn and soybean prices in 2010.
Jefferies noted, "A lot of margin pushes and pulls, but a 30%+ Y/Y increase in corn/soybean prices should provide significant revenue tailwind and that ADM was well positioned in key commodities and our expectation for a big jump in Ag Services EBIT, and we think ADM could top the $0.80 Street estimate."
They raised their full year 2011 and full year 2012 estimates on ADM from $2.88 and $3.21 to $2.98 and $3.26.
Jefferies maintains their "Hold" rating on Archer Daniels Midland (ADM), which closed Thursday at $33.43, up $0.01, or 0.03 percent. Jefferies raised their price target on ADM from $34 to $36.
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