UPDATE: Jefferies Raises PT on Penford Awaiting More Solid Performance

In a report published Wednesday, Jefferies analyst Laurence Alexander reiterated a Hold rating on Penford PENX, and raised the price target from $9.00 to $14.00.

In the report, Jefferies noted, “With ethanol margins less relevant as Penford shifts its mix in favor of industrial starches and bioproducts, Penford likely needs another couple of quarters of solid performance to shift to trading more in line with larger cap peers on 2014 earnings prospects. We raise our price target by $5 to $14.”

Penford closed on Tuesday at $14.19.