Green Plains Renewable Energy (GPRE) PT Lowered to $17 at BMO Capital

BMO Capital analyst Andrew Strelzik lowered the price target on Green Plains Renewable Energy (NASDAQ: GPRE) to $17.00 (from $22.00) while maintaining a Market Perform rating.

The analyst commented, " 2Q24 EBITDA of $5mm fell below consensus of $14mm reflecting lower ethanol margins. GPRE provided a more optimistic outlook for 3Q24, including ethanol margin hedges at higher (than current spot) levels in July (~$0.30/gallon), while the 4Q24 outlook is limited by lingering high corn basis (should correct with harvest). Hi-Pro contributions remain limited, while bottlenecks slowed the Clean Sugar ramp. GPRE reiterated Nebraska carbon capture is on track for 2H25 start. We lower estimates and reduce our target to $17."

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