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ADM shares tumble on probe into nutrition unit, CFO placed on leave

The global grains merchant cut its 2023 profit forecast and said its fourth-quarter earnings release would be delayed due to the investigation that was initiated on a request from the U.S. Securities and Exchange Commission (SEC). At least three brokerages downgraded ADM's stock after the update, with Goldman Sachs reducing its rating to "neutral" from "buy", while BMO cut its price target to $66 from $80. "First and foremost, understanding the true scope of potential accounting irregularities and their impact on Nutrition segment revenues/margins will be critical," said Goldman Sachs analyst Adam Samuelson.
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