UPDATE: Piper Jaffray Raises PT on Renewable Energy Group Following Management Meeting

In a report published Wednesday, Piper Jaffray analyst Michael E. Cox reiterated an Overweight rating on

, and raised the price target from $16.00 to $19.00. In the report, Piper Jaffray noted, “After meeting with REGI management at the company's Ames, IA headquarters this week, we are reiterating our Overweight rating and lifting our price target to $19. We are increasingly confident in the near-term earnings outlook as RIN values continue to trend ahead of what is embedded in management's guidance and feedstock costs remain in check. Longer term, management expressed optimism around mandated biodiesel volume levels in 2014 – likely increasing 300 million gallons or more from this year's 1.28 billion gallon level. Lastly, we believe REGI is well positioned to deploy internally generated cash or utilize its balance sheet to expand production capacity and/or pursue strategic acquisitions.” Renewable Energy Group closed on Tuesday at $14.30.