BofA analyst Salvator Tiano downgraded Green Plains (GPRE) to Underperform from Neutral with a price target of $7, up from $4.50, following a roughly 170% rally off its mid-April lows. Since mid-April, ethanol margins have expanded and regulatory developments have been positive for Green Plains’ carbon capture platform, but BofA expects ethanol margins to reset lower in a few months, the analyst tells investors in a research note. The firm also notes that the company’s CC&S initiatives still have risks.
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