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Deutsche Bank Cuts Corn Products to Hold


Deutsche Bank cut its investment recommendation on Corn Products (CPO) to hold from buy, after the company cited lower operating profits coming from U.S. operations and an increase in its estimated effective tax rate.

Analyst Christina McGlone said she believes a new era of high energy/natural gas prices requires more management direction and accountability. She thinks uncertainty surrounding Canadian import duties hampers the ability to forecast. She believes a Mexico recovery is fully discounted in the stock, and turnaround in the US/Canadian business is uncertain at this point. She cut her $1.38 2005 earnings per share estimate to $1.18, and her $1.70 2006 estimate to $1.30.


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