Roth Capital Raises Price Target as Green Plains (GPRE) Completes SCI Ingredients Acquisition

October 4, 2016 8:16 AM EDT
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Price: $23.80 --0%

Rating Summary:
    7 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

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Roth Capital reiterated a Buy rating on Green Plains Renewable Energy (NASDAQ: GPRE), and raised the price target to $33.00 (from $25.00), as the company completes SCI Ingredients Holdings acquisition. The deal includes its subsidiary Fleischmann’s Vinegar Company, Inc. for $250m. Management indicated that they expect positive earnings accretion.

Analyst Craig Irwin commented, "Green Plains completed the acquisition of SCI Ingredients Holdings, Inc. which includes its subsidiary Fleischmann’s Vinegar Company, Inc. for $250m, consisting of $135m in debt and $115m in cash on hand. This platform acquisition shifts company operations into the food ingredient markets, where management expects broader industry consolidation to continue. We are adding SCI and the recently acquired Abengoa plants to the model, and reiterate our Buy rating."

For an analyst ratings summary and ratings history on Green Plains Renewable Energy click here. For more ratings news on Green Plains Renewable Energy click here.

Shares of Green Plains Renewable Energy closed at $25.96 yesterday.

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