Darling Ingredients price target lowered to $48 from $50 at Piper Sandler

Piper Sandler analyst Ryan Todd lowered the firm’s price target on Darling Ingredients to $48 from $50 and keeps an Overweight rating on the shares. The price target decrease reflects a combination of mark to market on Q3 commodity pricing, as well as adjustments to operating assumptions, the analyst tells investors in a research note. The firm also lowered its FY24/FY25 EBITDA estimates to $1.113B/$1.397B vs. prior $1.227B/1.721B, and expects management to reset FY24 guidance, and frame the outlook for 2025, albeit with a wide range, given uncertainties around the pace and scope of improvement tailwinds.