UPDATE: Citigroup Raises Target to $77 on Corn Products International

Citigroup reiterates its Buy rating on Corn Products International (NYSE: CPO) and raises its price target to $77 from $76 on strong 2012 outlook on corn products.

Citigroup says, "Corn Products, our top pick in small cap food, reported excellent 4Q11 EPS of $1.11, vs. consensus of $1.08 and our estimate of $1.12. Importantly, Corn Products provided strong initial EPS guidance for 2012 of $5.00 to $5.25 (excluding charges) or +7% to +12% off of 2011, with the top of end of the range well above the consensus estimate ($5.10)."

CPO closed at $57.31 a share on Thursday.