Darling Ingredients (DAR) PT Lowered to $45 at TD Cowen

TD Cowen analyst Jason Gabelman lowered the price target on Darling Ingredients (NYSE: DAR) to $45.00 (from $51.00) while maintaining a Hold rating.

The analyst commented: "We revise 2Q24 EBITDA ~$112MM lower to ~$50MM below consensus on lower DGD margins and to a lesser extent Feed EBITDA. We do not expect DAR to adjust FY24 EBITDA guide near term, though are $0.1B below the low end of guidance. We forecast an improvement in EBITDA in 4Q24, though a step-up from 4Q24 to FY25 requires more analysis. Maintain Hold, reduce PT to $45."

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