Jefferies Previews CPO 1Q

Jefferies is previewing Corn Products International's CPO 1Q results. “EPS upside widely expected in our view given the likely co-products EPS tailwind in the quarter (function of rising corn prices) and conservative guidance,” Jefferies writes. “Fundamentals strong, but we remain on the sidelines with CPO at 6.8X EBITDA (one full standard deviation above four-year mean) and upside expected.” When CPO reports on Monday, May 2, Jefferies will be looking for EPS $1.02 (+80% Y/Y), “well ahead of the $0.87 Street estimate.” Corn Products International closed Monday at $53.80.