Citigroup (NYSE:C) said over the long term they like Bunge Limited (NYSE:BG), citing the strong move in sugar prices recently.
Citigroup analyst David Driscoll said, "We like Bunge's new sugar business and think investors will warm to it as well. We believe that Bunges sugar ethanol investments in Brazil make sense long term, but currently see better investment opportunities in Food over the next 12 months highlighted by Kellogg, our top pick."
Analysts see bioenergy and sugar contributing about 22 percent, or $275 million, to the earnings of Bunge for 2011.
Citi is stronger in its earnings per share projections concerning Bunge for 2011 than consensus, seeing them reaching $5.70, while consensus has earnings at $5.32.
For 2010, Citi projects EPS of $3.25, with consensus at $3.01.
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