BWS Financial Defends Shares Of Imperial Sugar (IPSU); Suggests Buying On Weakness

September 25, 2009 10:24 AM EDT

BWS Financial maintains a 'Buy' rating on Imperial Sugar (Nasdaq: IPSU), price target $20.

BWS analyst says, "Shares of IPSU faced selling pressure after news from the US Chemical Safety Board suggesting that IPSU could have prevented the explosion at Port Wentworth, Georgia refinery in 2008. The report comes nearly a year after the Occupational Safety and Health Administration (“OSHA”) cited IPSU for more than 200 violations. In our view, the reaction seems a bit over done. It was well known that IPSU had workplace violations via OSHA in 2008...We do not believe the story at IPSU has changed. There are risks associated with the insurance carriers paying IPSU. Still, we believe the catalyst for IPSU shares is Port Wentworth being fully operational. We would recommend buying in the weakness and we are maintaining our $20 price target."

To see more analyst ratings on IPSU Click Here.

Imperial Sugar Company, together with its subsidiaries, engages in the processing and marketing of refined sugar in the United States.

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