Green Plains downgraded to Hold from Buy at Jefferies

Jefferies analyst Laurence Alexander downgraded Green Plains (GPRE) to Hold from Buy with a price target of $6, down from $14. The firm reduced estimates to reflect likely pressure on the company’s ethanol and protein margins. Ethanol margins will likely “remain negative for longer” on lower ethanol and higher input prices, the analyst tells investors in a research note. Jefferies downgraded Green Plains to reflect the confluence of policy risk, cyclical headwinds, and strategic uncertainty following the recent CEO departure.