Enviva price target lowered to $63 from $76 at RBC Capital

RBC Capital analyst Elvira Scotto lowered the firm’s price target on Enviva to $63 from $76 and keeps a Sector Perform rating on the shares. The company should benefit from market dislocations, which should help it achieve its outlook by improving its adjusted gross margin, but its cash flow from operations remains negative year-to-date, the analyst tells investors in a research note. Scotto adds that her reduced price target on Enviva also reflects higher financing costs.