Jefferies Downgrades Penford Corp. (PENX) to Hold, Citing Choppy Margins

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Jefferies downgraded Penford Corp. (NASDAQ: PENX) from Buy to Hold with a price target of $9.00 (from $11.00).

The firm comments, "With ethanol margins likely to remain choppy well into next year, and a risk that softer economic demand delays price initiatives and new product market penetration, we are trimming 2012E and 2013E EPS."

FY12 EPS was cut from ($0.03) to ($0.07) and FY13 from $0.60 to $0.50.

For an analyst ratings summary and ratings history on Penford Corp. click here. For more ratings news on Penford Corp. click here.

Shares of Penford Corp. closed at $7.91 yesterday, with a 52 week range of $4.78-$9.94.

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