Story updated at 9:50 a.m. to reflect market activity.
NEW YORK (TheStreet) -- Citi raised its price target for Archer-Daniels-Midland (ADM) to $50 from $45 Friday, maintaining a "buy" rating.
Shares of Archer-Daniels-Midland gained 0.4% to $43.34 in morning trading.
The bank also raised its EPS estimates for the company. Analysts David Driscoll and Cornell Burnette wrote "we have increased conviction in our belief that the firm's main businesses (corn processing & oilseeds) are building positive momentum. Our full year 2014 EPS estimate is increased by 10c/sh to $3.40 and is now 20c/sh above consensus."
"Archer-Daniels-Midland-Company is engaged in the processing of oilseeds, corn, wheat, cocoa, and other agricultural commodities. The Company manufactures protein meal, vegetable oil, corn sweeteners, flour, biodiesel, ethanol, and other value-added food and feed ingredients. The Company also has a grain elevator and transportation network to procure, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, and barley, as well as processed agricultural commodities. Its operations are classified into three business segments: Oilseeds Processing, Corn Processing, and Agricultural Services. It also formed a joint venture with Princes Limited in Poland to procure, package, and sell edible oils in Poland, Czech Republic, Slovakia, Hungary, and Austria. Effective February 11, 2014, Archer Daniels Midland Co acquired an undisclosed minority stake in Rennovia Inc.