MGP Ingredients price target lowered to $85 from $95 at Truist

Truist analyst Bill Chappell lowered the firm’s price target on MGP Ingredients (MGPI) to $85 from $95 but keeps a Buy rating on the shares. The analyst cites the company’s negative Q3 pre-announcement and guidance cut, but with the stock falling 28% since then, the firm sees MGP as “oversold”. Truist adds that MGP’s legacy business is set up to perform strong as the company transitions more customers from aged whiskey to new distillate, also noting that the continued growth from its Luxco acquired brands opens the door for more bolt-on acquisitions.