Piper Jaffray Raises Estimates on The Andersons (ANDE)
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Piper Jaffray raises their FY 08 and 09 EPS Estimates on The Andersons (NASDAQ: ANDE) after the company raised its FY 08 EPS guidance. The FY 08 estimate moves from $3.82 to $4.53 and FY 09 moves from $3.94 to $4.97. The firm maintains their Buy rating and $50 price target.
Piper highlighted that ANDE continues to sell fertilizer obtained at last year's wholesale prices at retail prices 30-50% higher than a year ago.
In addition, the firm said, "The Andersons has, in our view, been unfairly grouped with pure play ethanol producers, causing its share price to fall 27% in 2008. Ethanol accounts for only 23% of The Andersons current revenue and total operating profit. The margin for this segment has dropped so far this year just as it has at all ethanol producers, but the increase in fertilizer sales and margins has more than made up for this decrease."
The Andersons, Inc., together with its subsidiaries, operates in the agriculture and transportation markets in the United States.
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