Macquarie research analyst Cooley May issued a bullish note on shares of Andersons Inc ANDE Monday morning.
The analyst boosted his price target on the stock from $36 to $42 and maintained an Outperform rating. The note and raised price target followed meetings with Andersons CFO John Granato and IR head Jim Burmeister.
"Though near-term profit headwinds remain stiff, we think US crop conditions/an upward trending oil price/and above-avg. diversification of rail assets imply to us that the worst will likely be behind ANDE in 2H16/1H17. We find that streamlining its cost base and driving operating efficiencies across a diverse asset base is the key item of focus for its relatively new mgmt team rather than recent takeover bids/chatter that mgmt thinks lacks adequate appreciation of its asset base," May said in the note.
Shares of Andersons traded at $36.35 late Monday afternoon; May's boosted price target implied potential upside of nearly 16 percent.
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