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Citigroup Upgrades Corn to Buy

Citigroup upgrades Corn Products (CPO) to buy from hold.

Analyst Dave Driscoll says his upgrade is based on his proprietary analysis which indicates the company's highly-profitable Mexican high-fructose corn syrup (HFCS) 55 operations is back on-line, and selling will be selling the product to the Mexican beverage industry.

He cites talks he's had with contacts in Mexico who indicated that the Mexican government lost an important court case, which has opened door for Corn to resume locally-produced HFCS 55 sales. He notes the consensus estimates do not reflect this substantial impact and thinks this not well-known or understood by the Street. Driscoll ups his $2.77 2005 earnings-per-share estimate to $3.07.

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