Olam

Olam: Barclays reiterates Overweight , TP $2.00 from $1.80, notes earnings tailwinds in both the short and long term. Says the turnaround story for Olam seems to be coming together with some idiosyncratic upside from weather patterns. The dry weather in California and Brazil has led to an increase in prices for almonds, coffee and tomatoes, and will provide tailwinds to Olam’s earnings, while commissioning of agri terminal in Australia should also contribute to earnings. The house revises FY14-16E earnings to reflect a higher exit rate for 1H14 earnings, but the events of the past two months could lead to c15-20% upside from these levels as well.