TD Cowen analyst Robert Moskow downgraded MGP Ingredients (MGPI) to Hold from Buy with a price target of $50, down from $66. The firm believes the supply/demand imbalance for Brown Goods will persist for at least the next 12 months, while margins for Distilling Solutions “will reset significantly lower.” MGP’s pivot to Branded Spirits remains a “show-me” story, and given weak industry trends TD does not expect near-term valuation upside from the strategic shift, the analyst tells investors in a research note.
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Read More on MGPI:
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