UPDATE: Citigroup Raises PT on Ingredion Following 2Q13 EPS Report

In a report published Thursday, Citigroup analyst David Driscoll reiterated a Neutral rating on Ingredion INGR, and raised the price target from $67.00 to $72.00.

In the report, Citigroup noted, “With 2Q13 EPS of $1.20 at INGR coming in line with mgmt's recent negative earnings preannouncement, the focus on the co's 2Q13 call was placed on the 2014 outlook, as many of the problems of 2013 are well known, namely HFCS prices which are uncompetitive with sugar, and unfavorable FX & economic conditions in South America. Ingredion management is optimistic that earnings can bounce back in 2014, driven by reduced corn costs. We agree with management's notion and also see potential share repurchases as strengthening the 2014 outlook, but continue to see risk to the story.”

Ingredion closed on Wednesday at $67.20.