Truist Securities Double Downgrades Enviva Partners LP (EVA) to Sell 'Following continued operational & financial shortfalls'

Truist Securities analyst Jordan Levy downgraded Enviva Partners LP (NYSE: EVA) from Buy to Sell with a price target of $10.00 (from $40.00).

The analyst comments "Following continued operational & financial shortfalls culminating in a surprise dividend cut & significant guide down, we're reducing our outlook for EVA. While we continue to see the long-term market for biomass as supportive, we believe that recent downtrends in the EVA's margin profile coupled with continued production shortfalls & accounting complexities call into question longer-term ability to drive growth/returns. Further, with the elimination of the dividend & heightened margin volatility, we see shares revaluing toward commodity peers. We reduce our PT to $10 from $40 and downgrade shares to Sell from Buy."

For an analyst ratings summary and ratings history on Enviva Partners LP click here. For more ratings news on Enviva Partners LP click here.

Shares of Enviva Partners LP closed at $21.35 yesterday.

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