Morgan Stanley Raises PT On Corn Products International To $58 (CPO)

Morgan Stanley has raised its price target on Corn Products International CPO from $53 to $58 in a research report published today. In the report, Morgan Stanley states, "Demand and capacity utilization were in-line with expectations in 1Q11 (roughly flat volume and high-80%'s to low-90%'s capacity utilization), but Corn Products was able to realize pricing faster than both we and previous management guidance expected on its spot business. We would not be surprised if guidance proves conservative again (5 beats/raises in a row), but believe it needs to come from volume or mix as price has been well established." In yesterday's trading, Corn Products was up 1.89% to finish the day at $56.13.