Jefferies raises ADM target, says Q1 earnings is 'low watermark'

Jefferies raises price target for grain trader Archer-Daniels-Midland ADM.N to $77 from $65, maintains "hold" rating

New PT represents an upside of 4.3% to the stock's last close

Jefferies says it views the first quarter as "the low watermark, with higher soybean crush and biodiesel margins lifting Ag Services and Oilseeds through the balance of the year"

"While we are constructive on Renewable Volume Obligation (RVO) and improving Ethanol margins, the ramp in Nutrition continues to be a black box" - brokerage

2 out of 13 brokerages rate the stock "buy", 8 "hold" and 3 "sell"; their median PT is $64.50 - data compiled by LSEG

As of last close, ADM up 28.42% YTD