Morgan Stanley Lowers Archer Daniels Midland Earnings Estimate
Based largely on declining ethanol profits, Morgan Stanley (NYSE:MS) reduced its estimate for earnings per share for Archer Daniels Midland (NYSE:ADM), saying ethanol profits, or lack of them, will pressure earnings through 2011.
In spite of the downgrade in estimate for earnings per share, Morgan Stanley did maintain its $33 a share price target and kept the stock at an Equal Weight rating.
Archer Daniels was down almost 3 percent on the day.
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