Green Plains price target lowered to $22 from $25 at BMO Capital

BMO Capital lowered the firm’s price target on Green Plains to $22 from $25 but keeps a Market Perform rating on the shares. The company’s worse than expected Q1 EIBTDA reflected weaker ethanol margins, though its 2024 guidance highlighted the return to positive ethanol margins on the curve through end of year and progress on Green Plain 2.0 initiatives, the analyst tells investors in a research note. Ethanol headwinds are easing into key demand season, improving from lows to $0.08-$0.12/gallon and indicating positive on the curve for the balance of 2024, BMO added.