UPDATE: Piper Jaffray Reiterates Renewable Energy Group at Overweight and $9 PT on 4Q Beat

In a report published Tuesday, Piper Jaffray reiterated its Overweight rating on Renewable Energy Group REGI and $9 price target. Piper Jaffray reported that, “Following 4Q12 results that beat our expectations, we are modestly increasing our estimates to incorporate what appears to be improving supply and demand in the biodiesel market based on improving RINs values. We are modeling a gradual improvement in RINs values through the year, approaching $1 in the 4Q, where a more significant improvement would provide upside to our model. We believe the uncertainties around the 2014 RVO may weigh on the stock and possibly put downward pressure on RINs values. We believe REGI will continue to improve its margin profile bringing on flexible feedstock technology at new facilities and we reiterate our Overweight rating and $9 price target.” Renewable Energy Group's shares close as 7.60 on Monday.