Green Plains price target lowered to $37 from $39 at Craig-Hallum

Craig-Hallum analyst Eric Stine lowered the firm’s price target on Green Plains to $37 from $39 and keeps a Buy rating on the shares. Green Plains exited FY23 with a modest EBITDA beat but more importantly provided an update on its ongoing operational initiatives being on track and starting to yield results and that it has initiated a strategic review process for the company, the firm notes. Likely due to the ongoing volatility associated with ethanol, Craig-Hallum thinks it is clear that Green Plains gets little to no credit for the strides made in the areas of high-proteins, clean sugars, renewable corn oil and carbon capture where progress is now being made.