Benson Hill downgraded to Perform on execution risk at Oppenheimer

Oppenheimer analyst Kristen Owen downgraded Benson Hill to Perform from Outperform without a price target. While near-term dynamics remain supportive of the company’s “strong” fiscal 2023 outlook, incremental pricing pressure and the “dynamic” demand backdrop heighten the execution risk as Benson ramps its proprietary ingredients portfolio, the analyst tells investors in a research note. The firm is optimistic that the strategic review process can prove beneficial for the long-term outlook of the business, but says increased execution risk and the company’s capital needs are likely to remain an overhang on shares over the near-term.