Goldman Sachs trims Indofood Agri Resources (5JS.SG) target price to $2.90 from $3.15 after rolling forward valuation to FY11, cutting FY10-FY11 earnings estimates by 6.0%-8.0% to assume lower crude palm oil and sugar prices on back of reduced commodity prices, says Dow Jones.

Still, Goldman Sachs is keeping its Buy call, picking stock as favourite in sector on valuation grounds, high organic growth potential. Tips production volume CAGR of 12% over FY09-FY12, highest in industry. Says large land bank, comprising 61,053 ha of immature CPO plantations, will mature over next 2-3 years, supporting growth in longer term.

Shares off 0.4% at $2.29.