GPRE Plans To Acquire Two More Ethanol Plants

Piper Jaffray has published a research report for Green Plains Renewable Energy Inc. GPRE announcing the raising of estimates for the company. In the report, Piper Jaffray writes "We are lifting our FY11 estimates to incorporate GPRE's planned acquisition of two ethanol plants, with 157 million gallons of production, at an attractive $1.08/gal purchase price. Based on our estimate revisions, we are lifting our price target from $11 to $12, but we are maintaining our Neutral rating following the recent appreciation in the stock in anticipation of an EPA blend wall lift." Green Plains Renewable Energy closed yesterday at $11.70.