Soleil Raises Price Target on VeraSun (VSE) to $4.15; Maintains Sell
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Soleil Securities raises its price target on VeraSun Energy (NYSE: VSE) from $3.75 to $4.15 but maintains a Sell rating.
The firm raised its FY08 EPS estimate from $0.10 to $0.49 and its FY09 estimate from $0.02 to $0.41. The Street estimates are $0.25 for FY08 and $0.52 for FY09. Soleil said its raised estimates now reflect "management guidance and the current macro ethanol markets..." Additionally, Soleil believes VeraSun will begin to realize some synergies in '09 from its recent merger.
Soleil said its price target is based on its belief "that the lack of margin control endemic in the ethanol industry (inability to dictate input costs or sales prices) warrants a conservative approach to valuation."
With VeraSun trading around $6.25 today, the firm's raised price target represents downside of about 33% from current levels.
VeraSun Energy Corporation engages in the production and sale of ethanol and its co-products in the United States.
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