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|  | FEBRUARY 23, 2005
 WORD ON THE STREET Merrill Downgrades Archer-Daniels-Midland Analyst Leonard Teitelbaum says he is downgrading the agricultural commodities company strictly on valuation Merrill Lynch downgrades Archer-Daniels-Midland (ADM ) to neutral from buy on valuation. Analyst Leonard Teitelbaum says he downgraded Archer-Daniels-Midland, given its recent price appreciation and the fact that the stock is now trading very close to his price objective. He says Archer-Daniels-Midland currently carries 16.0 times its p-e multiple on his $1.55 calendar year 2005 earnings per share estimate. He notes this a premium to the Commodity group multiple of 14 times to 15 times and believes Archer-Daniels-Midland is fully valued. Teitelbaum maintains $1.50 fiscal 2005 (ending June) earnings per share and $1.60 fiscal 2005 estimates. He emphasizes that this is strictly a valuation call.  All of the views expressed in this research report accurately reflect the research analyst's personal views regarding any and all of the subject securities or issuers. No part of analyst compensation was, is or will be, directly or indirectly related to the specific recommendations or views expressed in this research report. Standard & Poor's Regulatory Disclosure Any advice, analysis, or recommendations contained in articles labeled "Insight from Standard & Poor's" reflect the views of Standard & Poor's, which operates separately from and independently of BusinessWeek Online. It is possible that BWOL may from time to time publish information that is not consistent with advice, analysis, or recommendations that are published by Standard & Poor's. Standard & Poor's and BusinessWeek Online are each units of The McGraw-Hill Companies, Inc.
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