Piper Sandler lowered the firm’s price target on Darling Ingredients to $89 from $97 and keeps an Overweight rating on the shares. The firm is updating its estimates for Darling Ingredients based on a combination of mark to market on Q3 commodity pricing, as well as adjustments to operating assumptions. Piper is also revising its EPS/EBITDA estimates lower driven primarily by seasonally weaker feed volumes, weaker RD margins and longer than expected downtime at DGD.
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