Analyst Note| Seth Goldstein, CFA |
Archer Daniels Midland reported solid fourth-quarter results. Adjusted segment operating profit was up 12% year on year with gains in all three segments. Management expects profit growth for all segments to continue in 2021, which is in line with our outlook for the year. With our long-term forecast intact, we maintain our $46 per share fair value estimate. Our no-moat rating is also unchanged.