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Citigroup Downgrades Archer Daniels Midland on Drought Concerns (ADM)

By Dividend.com,  July 02, 2012, 09:32:37 AM EDT

Food products maker Archer Daniels Midland Company ( ADM ) on Monday caught a big downgrade from analysts at Citigroup.

The firm said it cut its rating on ADM from "Buy" to "Neutral" with a $32 price target. That target suggests an 8% upside to the stock's Friday closing price of $29.52.

Citigroup noted the company could be vulnerable, as corn crops in the U.S. are in serious danger due to drought conditions. Grain prices have been rising as a result.

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

The Bottom Line
Archer Daniels Midland currently offers a 2.37% dividend yield, based on Friday's closing price of $29.52 and the company's annualized dividend payout of 70 cents per share.

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 .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: ADM



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