MGP Ingredients price target lowered to $100 from $120 at Roth MKM

Roth MKM lowered the firm’s price target on MGP Ingredients to $100 from $120 and keeps a Buy rating on the shares. The company took the proper steps in closing its Atchison white goods production facility, the output of which was declining in revenue and generating negative gross margin, the analyst tells investors in a research note. The firm adds that it expects the remaining businesses to generate higher EBITDA margins, though MGP’s revenue growth is now expected to lag its earlier expectations.