Darling Ingredients (DAR) PT Lowered to $43 at TD Cowen

TD Cowen analyst Jason Gabelman lowered the price target on Darling Ingredients (NYSE: DAR) to $43.00 (from $45.00) while maintaining a Hold rating.

The analyst commented: "We embed RD margin assumptions from our updated industry outlook into DAR's financials. Our estimates for 2024-25 are largely unchanged. There is downside risk to DGD margins into year-end on potential spike in US biofuel imports that could limit near-term upside. The ruling on if international feedstocks qualify for 45Z credit could impact DAR annual EBITDA by $0.4B."

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