Olympia Capital Reiterates a 'Buy' Rating on REX American Resources (REX), But Lowers Numbers on Uncertainties
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Olympia Capital reiterates a 'Buy' rating on REX American Resources (NYSE: REX), raises PT from $21 to $24.
Olympia analyst says, "Looking ahead for REX there remains uncertainty: while ethanol prices have firmed up considerably, corn prices have moved sharply higher reflecting overseas grain crop concerns and an increase in non-commercial speculation the uncertain prospects for the extension of the blender’s tax credit the EPA’s delay in responding to the industry request for an approval of an increase to 15%, or at least 12%, blend levels from 10% in conventional gasoline...Given these uncertainties surrounding corn pricing and legislative issues confronting the industry, Olympia revises EPS estimates for REX lower for Q3 and Q4, as well as annual estimates for FY’10, and FY’11."
To see all the upgrades/downgrades on shares of REX, visit our Analyst Ratings page.
Shares are trading at $13.67, up $0.15 (1.11%) today.
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