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Fly News Breaks for December 17, 2019
Dec 17, 2019 | 13:39 EDT
BWS Financial analyst Hamed Khorsand said the Congressional budget has been amended to include the biodiesel tax credit, which, if approved, would set up Renewable Energy for "the best outcome possible" from the federal budget negotiations. Under the proposed amendment, the credit would be retroactively approved until the end of 2022 at the rate of $1 per gallon of 100% biodiesel produced, noted Khorsand, who estimates Renewable could get approximately $500M for the gallons produced in 2018 and 2019 and will have a clear pathway to generating BTC dollars over the next three years if the current amendment is approved. He keeps a Buy rating on Renewable Energy shares, noting that his existing $31 price target was estimated without taking into consideration BTC in his valuation.