Citigroup Reiterates Top Pick on Bunge Limited

Citigroup has published a research report on Bunge Limited

reiterating the company as a Top Pick. In the report, Citigroup writes, "We are increasing our above consensus 2012 EPS estimate by 5c to $6.95/sh following our recent meetings with BG mgmt, including Alberto Weisser, CEO. Mgmt's tone was very positive and suggests that BG is in store for significant improvements in profitability in 2012 driven by: 1) improving US soybean crush margins 2) favorable May rainfall which is boosting the prospects of the Brazilian sugar cane crop, 3) and the sharp devaluation in the Brazilian REAL in 2012, which is making Brazilian ag. exports more competitive and reducing Bunge's local Brazilian cost structure." Citigroup maintains its Buy rating and $95 price target on Bunge, which is currently trading up 2.37% from yesterday's $59.03 closing price.