Jefferies Reports Likely Upside On Corn Products International

According to Jefferies, Corn Products International CPO fundamentals, especially for the key North American sweetener business, remain strong, but well known and reflected in valuation. Jefferies said that upside likely, but on much smaller scale than that seen in recent quarters. “Our $60 PT equals 7x EV/EBITDA. We believe the premium is warranted given CPO's recent earnings momentum. Risks: decreasing net corn costs and accelerating volume growth.” Corn Products International closed yesterday at $59.12.