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Deutsche Upgrades Corn Products

Deutsche Bank upgrades Corn Products International (CPO) to buy from hold.

Analyst Christina McGlone says her sources suggest that selected Mexican bottlers are using high fructose corn syrup (HFCS). She notes a consolidated and rational industry is a positive for long-term profits in U.S. business and growth prospects in South America and Asia/Africa remain strong.

McGlone raises her $3.07 2005 earnings per share estimate to $3.12. She maintains her $3.74 2006 earnings per share estimate, but says it could prove low.

She notes the stock is at 17.7 times p-e on her 2005 estimate, 11.1 times EBIT, and 7.6 times EBITDA. She raises her $59 target to $62.

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