The Andersons Downgraded To Hold

BB&T Capital Markets has downgraded The Andersons, Inc. ANDE from Buy to Hold after the company's shares closed ahead of BB&T's price target yesterday. In its research report, BB&T writes "We have raised our FY'10 and FY'11 estimates to $3.06 and $3.25, respectively, from $2.96 and $3.15. We foresee some upside to our revised 2011 estimate, but do not anticipate very dramatic upside, and, thus, believe further appreciation in the shares will be somewhat limited. Indeed, we encounter difficulty arriving at earnings north of $3.50 for next year on the current asset base even using relatively bullish assumptions for the plant nutrient, Lansing and grain storage businesses." The Andersons closed yesterday at $41.12.