UPDATE: Stifel Downgrades Green Plains Partners LP (GPP) to Hold
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
(Updated - November 2, 2016 10:57 AM EDT)
Stifel downgraded Green Plains Partners LP (NASDAQ: GPP) from Buy to Hold with a price target of $22 (unchanged). The downgrade was tied to valuation.
Analyst Selman Akyol said, "Green Plains Partners, LP posted its 3Q16 results in line with our estimates and reported Adjusted EBITDA of $16.8 million against our estimate of $17.0 million and the consensus Street estimate of $16.1 million. Results on the quarter were driven by record ethanol production volumes at Green Plains Inc. (GPRE, $26.35) and given the recently closed Abengoa acquisition we expect volumes to ramp through 4Q16 and into 2017. We continue to like the GPP story and believe investors stand to benefit from the partnership’s fee-based cash flows. With that said, we believe units are approaching a full valuation given GPP’s current outlook and thus we are lowering our rating to Hold from Buy."
Shares of Green Plains Partners LP closed at $20.75 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Upgrades Piedmont Office Realty Trust (PDM) to Hold
- Procter & Gamble (PG) PT Raised to $96 at UBS Following 2Q Report
- UPDATE: CLSA Downgrades Qualcomm (QCOM) to Underperform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Downgrades
Related EntitiesStifel, Definitive Agreement
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!