Northland analyst Donovan Schafer initiated coverage of Vertex Energy with an Outperform rating and $15 price target. The analyst views the shares as undervalued following the company’s acquisition of a refinery in Mobile, Alabama. The refinery has a favorable geographic position and tailwinds from the Ukraine war and the COVID demand rebound, the analyst tells investors in a research note. Longer term, the firm expects Vertex’s success to be driven by its conversion of part of the refinery to produce renewable diesel.
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Published first on TheFly
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