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Fly News Breaks for March 13, 2019
Mar 13, 2019 | 12:42 EDT
Roth Capital analyst Craig Irwin downgraded Pacific Ethanol to Neutral from Buy and cut his price target for the shares to $1.50 from $7.00. The stock in midday trading is down 7c to $1.27. With the Q4 cash burn and "weak" current margin environment, the company's operational flexibility is "incrementally constrained," Irwin tells investors in a post-earnings research note. He believes Pacific Ethanol may have issues funding its cost reduction efforts and that its additional $69M parent notes coming due in December "create additional uncertainty." The analyst sees asset sales as essential to facilitate delevering and cites "elevated risks" for his downgrade to Neutral.
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