09:55 AM EDT, 04/24/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:
We lift our 12-month target to $105 from $93, 11x our '24 EPS of $9.50 (up from $9.26; '25's up to $10.76 from $10.44) vs. the 13x long-term mean. Q1 adj-EPS of $3.04 (-7% Y/Y) beat by $0.51, due to upside in the Agribusiness segment. Yet, BG kept its full-year EPS outlook unchanged at about $9, stating the upside from Q1 could come out of Q2. While there might be some conservatism in BG's outlook, we think it is prudent to keep guidance unchanged for at least one more quarter given the weak soy crush margin outlook. BG still expects the Viterra acquisition to close mid-year, despite concerns noted yesterday by Canada's Competition Bureau. BG repurchased $400M of shares in Q1, achieving its commitment to repurchase $1B of shares prior to the Viterra close (another $1B to be repurchased post-close). We remain at Hold as a weak near-term outlook is balanced by longer-term opportunities stemming from the Viterra acquisition and renewable diesel demand. We see EPS falling 30% in '24 to $9.50 from $13.66 in '23.