Shares of Archer-Daniels Midland (ADM) plummeted 5.14% in pre-market trading on Wednesday, as investors reacted to a series of analyst downgrades and price target cuts. The steep decline comes as major financial institutions express concerns about the company's near-term prospects.

JP Morgan dealt a significant blow to ADM by downgrading the stock to Underweight from Neutral and reducing its price target to $59 from $61. This bearish stance was echoed by Stephens, which slashed its price target for ADM to $50 from $60. These actions by prominent analysts have raised concerns about the company's outlook, prompting a sell-off in early trading.

Archer-Daniels Midland, a global leader in human and animal nutrition, faces challenges in an uncertain economic environment. The downgrades suggest that analysts are growing cautious about the company's ability to maintain growth and profitability in the face of potential headwinds in the agricultural and food processing sectors. Investors will be closely watching for any further developments or company statements that might provide more clarity on ADM's future performance.