Morgan Stanley downgrades Archer-Daniels-Midland to 'underweight', cuts PT

Shares of Archer-Daniels-Midland ADM.N fall ~2% to $59.11

Morgan Stanley downgrades stock to "underweight" from "equal weight", cuts PT to $50 from $57

New PT represents nearly a 17% discount to stock's last close

Brokerage says rising expectations for crush margins post-RVO and risk to Carb Solutions unit support an unfavorable setup for ADM

Renewable volume obligations (RVO) refer to the amount of renewable fuel that refiners and importers must blend into the transportation fuel supply in a given year

"We see risk that the RVO has raised expectations into 2026 and overshadowed further downside in Carb Solutions' - Morgan Stanley

Two out of 12 brokerages rate the stock "buy" or higher, seven "hold" and three "sell" or lower; their median PT is $57.07 - LSEG data