Morgan Stanley upgrades Bunge to 'overweight', raises PT

Shares of agribusiness and food company Bunge BG.N rise ~1% to $93.48

Morgan Stanley upgrades stock to "overweight" from "equal weight"; raises PT to $120 from $95

New PT represents a ~30% premium to stock's last close

Brokerage says merger with Viterra acts as both a "catalyst and key differentiator for Bunge", given operational and commercial synergies

Expects Bunge's EPS baseline to move higher on March 10, its Investor Day

MS currently forecasts BG's mid-cycle EPS baseline at ~$12 versus co's outlook of $8.50

10 of 12 brokerages rate the stock "buy" or higher, two "hold"; median PT is $110 - LSEG data

Including session's moves, stock up 20% YTD