According to a report by Jefferies, Penford Corp. PENX completed Q2 down $0.03, however, gross margins and sales were up.
Jefferies stated, “Penford reported a Q2 loss of $0.03. Gross margins improved 170bps to 10.9%. To reflect better top-line trends, the Carolina Starches acquisition and the redemption of $20m preferred stock, we are raising FY12E EPS by $0.05 to $0.20.”
Jefferies maintains its Buy rating and $9 PT on PENX, which closed yesterday at $6.86.
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