Bunge (NYSE:BG) stock rose 2.19% (As on July 7, 11:25:24 AM UTC-4, Source: Google Finance) after J.P. Morgan analyst Ann Duignan upgraded shares to Neutral from Underweight. Duignan says record crop supplies in Brazil and Argentina will come to market, and BG’s asset footprint will be well placed to benefit from the competitiveness of Latin American exports. The analyst notes that BG has prices hedged for 2017 and would expect to generate comparable segment earnings in 2018; she also says the stock’s risk/reward appears evenly balanced at the current valuation.

Meanwhile, the company has increased the full-year 2022 EPS outlook to reflect the strong first quarter and current market environment. The company is now forecasting full-year 2022 adjusted EPS of at least $11.50 per share. In Agribusiness, full-year results are expected to be higher than the previous outlook, but still forecasted to be down from last year. While the company is not forecasting the same magnitude of margin enhancing opportunities that the company captured during 2021, the company does see potential upside to the outlook if strong demand and tight commodity supplies continue. In Refined and Specialty Oils, full-year results are expected to be up from the previous outlook and higher than last year, driven by strong demand from food and fuel in our North American and European businesses. In Milling, full-year results are expected to be up from the previous outlook and significantly higher than last year, primarily due to the strong first quarter results. In Corporate and Other, results are now expected to be more favorable than last year. In Non-Core, full-year results in the sugar and bioenergy joint venture are expected to be in line with last year. Additionally, the Company now expects the following for 2022: an adjusted annual effective tax rate in the range of 16% to 18%; net interest expense in the range of $250 to $270 million; capital expenditures in the range of $650 to $750 million; and depreciation and amortization of approximately $420 million.

Moreover, cash used for operations in the three months ended March 31, 2022 was $2,656 million compared to cash used of $987 million in the same period last year. Adjusting for the net proceeds from beneficial interest in securitized trade receivables, cash used for operating activities was $1,043 million compared with cash used for operating activities of $18 million in the prior year.