Bunge's Second-Quarter Results Slightly Outpace Our Expectations; Raising Fair Value to $71
Bunge's second-quarter results came in slightly above our expectations, and we've raised our fair value estimate to $71 per share from $69. Our no-moat rating is intact.The company's important agribusiness segment generated operating profit of $6.55 per metric ton in the first half. We expect improving crush margins in the second half will push the company in line with our full-year forecast of $6.75 per metric ton. Agribusiness volume growth was solid in the quarter again, and we've boosted ou...
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