TD Cowen analyst Jason Gabelman initiated coverage of Vertex Energy with a Market Perform rating and $8 price target. Vertex "transformed its business" in 2022 with the acquisition of Shell’s (SHEL) 75kbd Mobile refinery, but refining earnings will likely trend lower from 2022, while biofuels is unlikely to contribute material earnings this year, the analyst tells investors. The firm forecasts earnings improving in 2024 as feedstock premium compresses due to new industry vegetable oil treating capacity coming online in 2024 and thinks earnings should improve further in 2025.
Published first on TheFly
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