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Upgrades: Otter Tail (OTTR) & VeraSun Energy (VSE)
2 upgrades to tell you about this morning – Citi upgraded VeraSun (VSE) from Sell to Hold but lowered the price target from 3 to 1.85, saying “The difficulties in 3Q08 are primarily related to the company’s corn hedging activities as VeraSun chose to lock in significant quantities of corn back in July when the corn market was reaching its peak. Consequently, as corn prices quickly reversed course VeraSun generated large losses on its corn position…With VSE currently trading at $1.72, we are moving our rating from Sell to Hold as we see a floor asset value of approximately $1.85/sh if the company were to face severe financial difficulties.”
Otter Tail (OTTR) was also upgraded, from Neutral to Outperform by Baird with a price target of $41 after a rough few weeks of trading.
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