UPDATE: Imperial Capital Upgrades Green Plains Renewable Energy to Outperform on Fundamental Strength
Imperial Capital raised its rating on Green Plains Renewable Energy (NASDAQ: GPRE) and increased its price target from $4 to $10.
Imperial Capital commented, "We see significant optionality in GPRE shares in 2014 and see opportunity to invest near the bottom of the cycle as the company has bolstered its liquidity position and can eventually use the cash to improve shareholder value. … Record cash balance puts GPRE in a strong position to acquire assets or stock and/or converts. … An improvement in industry margins, which we expect in 4Q13, could be dramatic and could double EBITDA in 2014, in our view."
Green Plains Renewable Energy closed at $7.90 on Tuesday.
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.