Monday, November 1, 2010

Citigroup (NYSE:C) Sees Corn Products (NYSE:CPO) Soaring on Higher Prices

With corn prices expected to find continual support over the next year, Corn Product International (NYSE:CPO) was upgraded by Citigroup Inc. (NYSE:C) from "Hold" to "Buy."

Higher corn prices should mean higher margins, and ultimately, higher earnings for the next several quarters for Corn Products.

Since plunging to $28.94 on July 2, Corn Products International has soared to $42.55 a share as of close on Friday.

Citi has a price target of $51 on Corn Products, increasing it from $44.

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