.jpg "Ingredion (NYSE: INGR)")
In a report released today, Akshay Jagdale from Jefferies reiterated a Buy rating on Ingredion (INGR), with a price target of $145. The company’s shares closed on Friday at $101.26.
Jagdale observed:
“Following recent investor mtgs. with mgmt. (CEO, CFO & IR) we have greater confidence that the factors driving the disappointing 2018 outlook are largely transitory. Moreover, we believe these transitory issues are masking significant progress in INGR’s Specialty growth strategy, resulting in the market significantly undervaluing that business (JEFe ~$72-100/shr vs. $50/shr currently). As such, we are reiterating our Buy rating and raising our PT to $145. We have greater confidence that factors driving the disappointing 2018 outlook are transitory but might take couple years to fully recoup. We walked through in detail each of the factors that have driven the ~$100M reduction in outlook for North American EBIT (see Chart 1) and came away with greater confidence that the issues are transitory.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 3.1% and a 51.8% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
Currently, the analyst consensus on Ingredion is a Moderate Buy with an average price target of $115.
See today’s analyst top recommended stocks >>
Ingredion’s market cap is currently $7.16B and has a P/E ratio of 16.49. The company has a Price to Book ratio of 2.53.
Based on the recent corporate insider activity of 81 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Christine Castellano, the Sr. VP, GC, Corp. Sec. & CCO of INGR sold 37,267 shares for a total of $3,923,745.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Ingredion, Inc. manufactures and sells sweetener, starches, nutrition ingredients, and biomaterial solutions derived from the wet milling and processing of corn and other starch-based materials. Its activities include turning corn, tapioca, potatoes and other vegetables and fruits into value-added ingredients and biomaterials for the food, beverage, paper and corrugating, brewing, and other industries. It operates through the following geographical segments: North America, South America, Asia Pacific, and Europe, the Middle East, and Africa. The company was founded in 1906 and is headquartered in Westchester, IL.
