Deutsche Bank's Food Update
Deutsche Bank is out with its food update today, making price target and estimate changes.
In a note to clients, Deutsche Bank writes, "We raise Corn Products (NYSE: CPO) 2011E EPS to $4.08 from $3.63 and increase our price target to $51 from $44. For Sanderson Farms (NASDAQ: SAFM), we reduce F2011E (end Oct) EPS to ($2.61) from $0.13. Our estimate does not assume any nearterm production cuts in chicken. We retain our $38 price target on SAFM. For Tyson (NYSE: TSN), we raise F1Q11E (end Dec) EPS to $0.63 from $0.52 and F2011E (end Sep) to $1.85 from $1.77. We retain our $18 price target on TSN."
At the time of posting:
CPO was trading at $46.86, down 0.11% from Friday's close.
SAFM was trading at $41.15, up 0.29% from Friday's close.
TSN was trading at $16.54, down 0.06% from Friday's close.
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