Northland lowered the firm’s price target on Gevo (GEVO) to $3.50 from $3.75 and keeps an Outperform rating on the shares after the company announced that it has withdrawn its loan guarantee application with the DOE’s Office of Energy Dominance Financing for its ATJ-30 project due to requirements that “did not make sense for the company.” Gevo plans to seek a private credit solution, which, “while not as cheap, should still allow the project to earn healthy economics,” the analyst tells investors.
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