Indofood Agri

Indofood Agri: Goldman trims target price to $2.90 from $3.15 after rolling fwd valuation to FY11, cutting FY10-11 earnings est by 6-8% to assume lower crude palm oil and sugar prices on back of reduced commodity prices. Still, keeps Buy call, picks stock as favorite in sector on valuation grounds, high organic growth potential. Tips production volume CAGR of 12% over FY09-12, highest in industry, to be supported by its large land bank, which includes 61k ha of immature CPO plantations expected to mature over next 2-3yrs.