BB&T Capital Markets is out with a research report this morning, where it reiterates its Hold rating on The Andersons Inc. ANDE; it did not provide a price target on the stock.
The BB&T analysts cited the company's recently reported quarterly earnings report, which was slightly below the consensus. EBIT was softer-than-expected reflecting lower-than expected results from Plant Nutrient and ethanol, as well as a greater than-anticipated loss from retail.
The analysts noted that, of most concern to in 2011 is the outlook for ethanol and its expected impact on earnings growth. The industry produced at a run-rate level close to 13.6B gallons per year in August, with run-rate export volumes equating to 300M gallons +. This is a concern given a mandate level of just 12.6B gallons next year and the possibility of a reduction in the $0.45 blender's credit.
Estimates were left unchanged.
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