Deutsche Bank Tweaks BG Estimates

Deutsche Bank is downgrading Bunge (NYSE: BG) to Hold while tweaking is estimates.

“We tweak our 2010E EPS to $3.51 from $3.56, at the top end of guidance of $3.25-$3.50, but below consensus of $3.63,” Deutsche Bank writes. “We adjust 2011E EPS to $5.53 from $5.78. Both reductions are due to lower assumed sugarcane crushed.

“While we believe that Bunge's geographic positioning is the best in the industry and acknowledge that dislocation opportunities for agribusiness intermediaries are currently robust, we are moving to the sidelines as the company's share price now exceeds our price target.”

Bunge closed Friday at $70.04.