Jefferies Finds Corn Products International To Meet Expectations (CPO)

Corn Products International CPO is set to report Q4 results on February 17, 2011. Jefferies is “looking for 4Q10 EPS of $0.80, including approximately $0.15 per share of accretion from the National Starch acquisition, which closed on October 1, 2010.” “4Q EPS should meet Street expectations driven by strong HFCS export volumes and North America industrial starch demand. We've modeled 2011 EPS of $3.80, +30% Y/Y and ahead of the $3.72 Street estimate. Excluding the acquisition, our model assumes CPO will deliver 10% EPS growth on the base business in 2011.” Jefferies kept its Hold rating and Price Target of $50 on Corn Products International. Corn Products International is trading relatively unchanged with Monday's close of $48.22.