Darling Ingredients price target lowered to $81 from $85 at Jefferies

Jefferies lowered the firm’s price target on Darling Ingredients to $81 from $85 and keeps a Buy rating on the shares. The firm is lowering its Q3 estimates, with EBITDA seen at $406M, versus consensus of $467M, after being on the road with Darling management in Europe. The firm accordingly expects FY23 EBITDA of $1.82B, versus prior guidance of $1.875B. However, despite near term headwinds, the firm believes the stock has reached a floor, the analyst tells investors.