Enviva price target lowered to $32 from $62 at Citi

Citi lowered the firm’s price target on Enviva to $32 from $62 and keeps a Buy rating on the shares following the analyst day. Enviva reset expectations around free cash flow, operating strategy and governance, the analyst tells investors in a research note. The firm believes the stock will outperform if the company can execute, but says that if it has new operational issues, the dividend would become at risk. After the stock pullback, Enviva’s risk/reward is attractive, contends Citi.