Archer Daniels Midland (NYSE:ADM) is a well-run giant in agricultural processing and logistics, but that is an inherently volatile business and one where Wall Street often runs hot and cold. Sentiment appears to be leaning "hot" these days, as the shares trade at a higher than normal EBITDA multiple and analysts talk more of "it's different this time" in ethanol while looking for crop availability and weather issues to reverse. At the right price I have been and would be a willing buyer of ADM, but it seems like a lot of positive sentiment is already in the shares at these levels.
Quarterly Earnings Always A Talking Point, But Never The Whole Story
ADM's first quarter earnings gave...
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