BMO Capital Remains bullish on Darling Ingredients (DAR) Following Analyst Day
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BMO Capital reiterated an Outperform rating and $18.00 price target on Darling Ingredients (NYSE: DAR) following an analyst day. As BMO expected, Darling continues to face seasonal weakness and commodity headwinds across its food and feed businesses in 3Q16.
Analyst Kenneth Zaslow commented, "We attended Darling’s analyst day in which management showcased its growth opportunities in Food – both Rousselot (e.g., gelatin) and Sonac (e.g., foodgrade fats), while providing an overall business update. Our view remains unchanged in that we continue to believe that the recent softness in the commodity environment likely will limit near-term earnings; however, legislative policies, capital investments (e.g., DGD’s expansion plan, two new rendering plants), mix opportunities (e.g., shift toward pharmaceutical gelatin), and internal actions (SG&A reduction) should create a structural improvement in its long-term earnings power."
Shares of Darling International closed at $13.23 yesterday.
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