MGP Ingredients price target lowered to $65 from $69 at Roth MKM

Roth MKM analyst Sean McGowan lowered the firm’s price target on MGP Ingredients (MGPI) to $65 from $69 and keeps a Buy rating on the shares after its Q3 results and affirmed guidance. Based on the quarter and the preliminary comments on 2025 expectations, the firm has reduced estimates reflecting expectations of sharp declines in revenue and gross profit in the Distilling Solutions segment, the analyst tells investors in a research note. MGP Ingredients also merits a discount to the peer group’s multiples because of its smaller scale, less globally powerful brands, and the fact that its Ingredients Solutions revenue is lower margin, the firm added.