MGP Ingredients price target lowered to $118 from $128 at Wells Fargo

Wells Fargo analyst Marc Torrente lowered the firm’s price target on MGP Ingredients to $118 from $128 and keeps an Overweight rating on the shares. The firm notes shares are down on concerns of category normalization. Wells tempers its price target and sales outlook with this overhang, but believes MGP can prove more resilient than getting credit for given strategic positioning.