Roth MKM lowered the firm’s price target on MGP Ingredients (MGPI) to $88 from $92 after its negative Q3 pre-announcement but keeps a Buy rating on the shares. The outperformance of Q2 has not extended into the second half as MGPI forecast weak sales in all three of its segments and cut its full-year guidance, though shares continue to reflect a substantial discount to other spirits stocks, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MGPI:
- MGP Ingredients downgraded at Lake Street after ‘breathtaking’ pre-announcement
- MGP Ingredients downgraded to Hold from Buy at Lake Street
- Closing Bell Movers: Netflix gains 5% as Q3 earnings, Q4 guidance top estimates
- MGP Ingredients sees Q3 EPS $1.29, consensus $1.44
- MGP Ingredients sees FY24 EPS 5.55-$5.65, consensus $6.24