UPDATE: Jefferies Decreases PT on Green Plains Renewable Energy to $12
Jefferies reiterates a Buy rating on Green Plains Renewable Energy (NASDAQ: GPRE) and lowers its price target from $17 to $12.
Jefferies notes, “To better reflect near-term margin pressure on the ethanol industry, albeit partly offset by favorable corn oil economics and marketing & distribution trends, we are lowering 2012E $0.42 to a loss of $0.02 and 2013E $0.80 to $0.75. We are also lowering our 12-month price target $5 to $12, or 6.5x 2013E EBITDA. With algae newsflow likely in Q4, we reiterate our Buy rating.”
Green Plains Renewable Energy closed at $6.67 on Tuesday.
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