In a report released today, Akshay Jagdale from Jefferies maintained a Buy rating on Ingredion (NYSE: INGR), with a price target of $125. The company’s shares opened today at $98.25, close to its 52-week low of $95.01.
Jagdale observed:
“INGR is down 30% YTD & -12% since the negative preannouncement on 7/12. Although we acknowledge that some NT challenges remain, we believe negative sentiment is overdone. Specifically, the Specialty business (which our LT thesis is predicated on) continues to grow solidly & if we assume the market is appropriately valuing that portion of the portfolio, then we estimate INGR’s Core business is being valued at ~6x PE (see Chart 1), which we think is unwarranted.”
According to TipRanks.com, Jagdale is a 4-star analyst with an average return of 4.7% and a 54.0% success rate. Jagdale covers the Consumer Goods sector, focusing on stocks such as Lamb Weston Holdings, McCormick & Company, and J & J Snack Foods.
The word on The Street in general, suggests a Hold analyst consensus rating for Ingredion with a $118.75 average price target.
See today’s analyst top recommended stocks >>
The company has a one-year high of $146.28 and a one-year low of $95.01. Currently, Ingredion has an average volume of 624.7K.
Based on the recent corporate insider activity of 82 insiders, corporate insider sentiment is negative on the stock.
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.
