BWS Financial Upgrades Imperial Sugar (IPSU) to Buy Ahead of Facility Completion
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BWS Financial upgrades Imperial Sugar (Nasdaq: IPSU) from Hold to Buy, saying now is the moment to accumulate shares ahead of the completion of their Port Wentworth, Georgia facility after more than a year since the explosion. The firm notes liquid crystal production at the refinery has already started, and IPSU is nearing commencement of granulated bulk sugar.
BWS Financial said that during the time IPSU has been rebuilding Port Wentworth prices for refined sugar have been increasing. IPSU would be able to lock in higher contract prices once 2008 obligations are met.
BWS Financial thinks IPSU could generate EBITDA of $1.60 per share, which should make it possible for shares to reach their $15 price target.
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