UPDATE: Piper Jaffray Lifts PT to $50 on The Andersons

Piper Jaffray raises its price target from $45 to $50 on Neutral-rated The Andersons ANDE on prospects of large grain crop. Piper Jaffray says, "We are lifting our price target to $50 on ANDE shares as we expect the recent improvement in valuation to be sustained with the prospect of a large U.S. grain crop this season. As a domestic grain elevator operator, we believe ANDE is poised to benefit from an increase in U.S. grain production. USDA projections calling for an increase in wheat and corn acreage bode well for ANDE. We also expect ANDE's fertilizer segment to benefit from the recent appreciation in nitrogen pricing and the prospect for record-level domestic applications. Our estimates and Neutral rating remain unchanged." ANDE closed at $49.50 a share on Wednesday.