REX American Resources price target lowered to $60 from $65 at Truist

Truist lowered the firm’s price target on REX American Resources to $60 from $65 but keeps a Buy rating on the shares ahead of the company’s Q2 results, also updating the firm’s estimates to account for revised crush spread forecasts and CCUS timelines. While the industry continues to await updated federal PHMSA guidelines for CO2 pipelines, REX American has been diligent in executing on the areas of its expansion/CCUS project that are within its control, the analyst tells investors in a research note. Improved crush should benefit REX into the second half of FY24, but Truist is also revising down its 2025 estimates, the firm states.