Despite Bunge's Tough 1Q, We Maintain Our $73 FVE as Our Long-Term Outlook Is Unchanged
Bunge reported disappointing first-quarter results as weakness in the agribusiness, sugar, fertilizer, and milling segments led management to lower its 2017 operating income guidance. Shares plummeted over 11% on May 3 as the market reacted to the news. As we transfer coverage to a new analyst, our long-term view is unchanged and we maintain our $73 fair value estimate. Our no-moat rating also remains intact.Our negative near-term outlook is offset by our expectation that Bunge's effective tax...
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