Deutsche Bank Upgrading Corn Products International

Deutsche Bank is upgrading shares of Corn Products International CPO to Buy and it has a $62 price target on shares. In a note to investors, Deutsche Bank writes, "CPO has transitioned from a company largely associated with HFCS to a more diversified, ingredients-based model. This enables more company-driven growth (not solely based on macro trends) over time, enhancing valuation. With 16% upside to $62 target (12x 2012E P/E) and solid 2011 fundamentals from pricing/utilization/FX, risk/reward is favorable and we upgrade to Buy." Shares of CPO lost $1.23 yesterday to close at $53.65, a loss of 2.24%.