Jefferies Upgrading Corn Products International

Jefferies & Co. is out with a research report on Corn Products International, Inc. (NYSE: CPO) and is upgrading shares to Buy, but lowering its price target to $55 from $58.

In a note to clients, Jefferies & Co. writes, "2012 EPS visibility is increasingly difficult to find in the current environment and we think CPO has it driven by: 1) elevated industry capacity utilization, 2) non-recurring costs in 2011 and 3) accelerating National Starch acquisition synergies. Following a 25% sell off over the last six weeks, we are upgrading CPO shares to Buy from Hold for the following reasons."

Shares of CPO lost 82 cents yesterday to close at $44.94.