UPDATE: Citigroup Resumes Coverage on Archer-Daniels-Midland Company as Shares are Fairly Valued at Current Prices

In a report published Monday, Citigroup analyst David Driscoll resumed coverage on Archer-Daniels-Midland Company (NYSE: ADM) with a Neutral rating and $45.00 price target, up from $35.00.

In the report, Citigroup noted, “On Thanksgiving day (11/28/13), the Australian government sure didn't give thanks to Archer Daniels (ADM), and rejected ADM' A$3.4 billion acquisition offer for GrainCorp, citing that it wasn't in the best interest of Australia to allow the deal to proceed. Post this event, we are resuming our coverage of ADM. We rate the shares of Archer Daniels Midland Neutral, as we believe that ADM shares are fairly valued at current prices.”

Archer-Daniels-Midland Company closed on Friday at $40.25.