BMO Capital
Benjamin Mayhew
Market Perform -> Outperform
upgrade
Reason
BMO Capital analyst Benjamin Mayhew upgraded Andersons to Outperform from Market Perform with a price target of $65, up from $50, which offers 30% upside from current levels. The firm has confidence in the company's long-term risk/reward profile following the investor day. Andersons laid out an "achievable pathway" to a $7 earnings per share run-rate by 2028, the analyst tells investors in a research note. BMO believes the company's "runway for growth remains long" given 45Z tax credits, "strong" legacy ethanol fundamentals, and improving agribusiness fundamentals.