Stifel Raises Price Target on Green Plains Partners LP (GPP) Following Announced Dropdown
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Stifel reiterated a Buy rating on Green Plains Partners LP (NASDAQ: GPP), and raised the price target to $22.00 (from $20.00), as the company's announced a dropdown from Green Plains Inc. (GPRE). GPP will pay $90 million in cash with management anticipating an 8.5x EBITDA multiple. GPP and GPRE agreed to increase their quarterly minimum volume commitment to 297 million gallons from 236 million gallons which represents 85% of the incremental ethanol production capacity.
Analyst Selman Akyol commented, "Green Plains Partners LP announced a dropdown from Green Plains Inc. (GPRE, $25.07) which was mostly in line with our expectations. After adjusting our model, we are increasing our estimates and raising our 2017 DPU growth expectation to 8.8% from 4.8%. As a result, we are maintaining our Buy rating and raising our target price to $22.00 from $20.00."
Shares of Green Plains Partners LP closed at $19.12 yesterday.
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