Credit Suisse Initiating Coverage on Green Plains Renewable Energy (GPRE) NEUTRAL [V]

Credit Suisse is out with a research report on Green Plains Renewable Energy (NASDAQ: GPRE) and is initiating coverage with a Neutral rating and a $13 price target on shares.

In a note to clients, Credit Suisse writes, "Green Plains Is a Well Run Cost Leader in Ethanol: We initiate coverage of Green Plains Renewable Energy (GPRE) with a Neutral rating and $13 price target. The company has demonstrated profitability in difficult times and offers new non-ethanol earnings growth. We believe management can execute on a growth strategy and the market will reward the shift into less volatile non-ethanol businesses and will begin to appreciate the algae trials for higher value animal feed."

Shares of GPRE closed at $9.37 on Friday.