Bunge Stock Could Hit $134 by Year-End — JPMorgan Is Betting on It

Bunge Global (NYSE:BG | BG Price Prediction) is powering through one of the strongest rallies in the agribusiness sector, with shares surging 36.41% year-to-date and 70.06% over the past year. Street consensus sits at an average target of $132.10, with the analyst community skewing strongly constructive at 9 Buy or Strong Buy ratings against just 1 Hold. This morning, JPMorgan raised its price target to $134 from $130 while maintaining an Overweight rating. But can BG realistically reach $134 by the end of 2026?

JPMorgan’s $134 BG Prediction

JPMorgan’s upgrade reflects a more favorable agricultural products backdrop. The EPA’s proposed renewable volume obligations for 2026 would “mandate a significant step up” in biofuels blending requirements, with implementation targeted for January 1. The firm argues that this demand pull, combined with recent geopolitical disruptions, is driving margins higher for biofuels producers and oilseed processors. The evidence is already showing in Bunge’s results: Softseed Processing adjusted EBIT jumped to $209 million in Q4 2025 from $75 million a year earlier.

Key Drivers of BG Stock Performance

1. Biofuels mandates creating structural demand: Mandated blending requirements insulate oilseed crush margins from crude oil volatility. With WTI trading near $64.51 per barrel, policy-driven demand becomes the floor that supports profitability.
2. Viterra integration expanding scale: The $10.6 billion Viterra combination closed July 2, 2025, nearly tripling Grain Merchandising volumes to 26,194 thousand metric tons in Q4 2025. Bunge’s Investor Day outlined a target to grow EPS to at least $15 by 2030, a long-term compounding story for investors focused on earnings growth.
3. Geopolitical disruptions favoring diversified footprints: Trade volatility and supply chain shifts are lifting margins for processors with global origination reach. Bunge’s expanded presence across Argentina, Brazil, Canada, and Europe positions it to capture dislocations that more concentrated competitors cannot.

What Will It Take for BG to Reach $134?

With 193.5 million shares outstanding, a $134 price target implies a market capitalization in the tens of billions. Getting there requires three things: continued oilseed margin expansion as biofuels mandates take effect, successful synergy capture from the Viterra integration driving earnings toward the high end of 2026 adjusted EPS guidance of $7.50 to $8.00, and sustained geopolitical tailwinds that keep global grain and oilseed flows running through Bunge’s expanded network.

The primary risk is limited forward visibility in a commodity-driven business where trade policy, weather, and energy prices can shift quickly. Still, with a forward P/E of 14x, a 2.37% dividend yield, and a structural growth catalyst in biofuels mandates, JPMorgan’s $134 target reflects a credible path supported by biofuels mandates, integration synergies, and geopolitical tailwinds.