BofA downgrades ADM to 'underperform', cuts PT post Q1 results

** BofA Global Research downgrades rating on global grain trader Archer-Daniels-Midland ADM.N to "underperform" from "neutral", cuts price target to $45 from $47

** New price target represents a 6% downside to the stock's last close

** Brokerage lowers ADM rating on a worse-than-expected earnings environment; says that ADM's results raised more questions than answers

** "Our concerns are exacerbated by persistently weak crush margins despite the benefit of U.S. tariffs on competing feedstocks" - BofA

** However, brokerage continues to believe that increased macro uncertainty could push investors towards agri stocks

** 11 of 12 brokerages rate the stock "hold" and 1 "sell" or lower; median PT is $49 - data compiled by LSEG

** Including session's moves, stock down 5% YTD