UPDATE: Citi Lowers Price Target on Corn Products International to $68
According to Citi, Corn Products International (NYSE: CPO) target price is lowered to $68.
Citi said that it sees 2012 shaping up to be a good year for North American high fructose corn syrup (HFCS) pricing. “Given the recent macro economic disturbances, foreign exchange rates have changed significantly for the worse for Corn Products, with 2012 receiving the brunt of the impact, which we project at -$0.28/sh, and is the principle reason for our estimate reduction.”
Corn Products International closed yesterday at $39.89.
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