Roth Capital analyst Craig Irwin downgraded Renewable Energy to Neutral from Buy following the company's "weak" Q1 earnings report, saying it appears the company is facing increased buy side competition for feedstocks driving tighter spreads between soybean oil and more economic oils like UCO and inedible corn oil. These margin headwinds will likely intensify in 2019, he says. Cash generation should remain impressive on BTC reinstatement, but contends this is already well understood, and Irwin says he will look for evidence of a compelling margin environment before becoming constructive.