UPDATE: BMO Capital Downgrades Green Plains Renewable Energy (GPRE) to Market Perform

(Updated - October 24, 2022 7:03 AM EDT)

BMO Capital analyst Kenneth Zaslow downgraded Green Plains Renewable Energy (NASDAQ: GPRE) from Outperform to Market Perform with a price target of $31.00 (from $45.00).

The analyst commented, "We are downgrading GPRE to a Market Perform rating, as a lower ethanol margin environment and potential delay in margin contribution from Ultra-High Protein may pressure EBITDA below consensus. Our downgrade does not reflect a change in our long-term view that GPRE’s strategic actions (e.g., Ultra Hi-Protein, Clean Sugar) should structurally transform its EBITDA earnings power to more than $500 million, but rather our disciplined approach, a potential delay in achieving its target Ultra-High Protein margins, and a more challenging underlying ethanol margin outlook (both short and medium term)."

For an analyst ratings summary and ratings history on Green Plains Renewable Energy click here. For more ratings news on Green Plains Renewable Energy click here.

Shares of Green Plains Renewable Energy closed at $29.02 yesterday.

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