Green Plains reinstated with a Market Perform at BMO Capital

BMO Capital analyst Andrew Strelzik reinstated coverage of Green Plains with a Market Perform rating and $33 price target. The company is in the process of executing on a "potentially compelling strategic" pivot that could rebase its EBITDA and drive its shares higher, though the firm is neutral on the stock due to visibility to the timing and magnitude of profit realization is that is limited by execution, market, and policy risks as well as soft ethanol fundamentals that may pressure EBITDA below expectations over the next 12-24 months, the analyst tells investors in a research note.