Bank of America upgrades The Andersons, Soleil upgrades BioFuel Energy

Bank of America analyst Eric Brown upgraded shares of The Andersons (ANDE) to “Buy” from “Neutral,” with a price target of $50, while Soleil Securities analyst Ian Horowitz upgraded BioFuel Energy shares to “Buy” from “Hold”.

In his report, Bank of America’s Brown said that he expected strong fourth quarter earnings on rising grain prices, and that the company’s Lasing Grain joint venture is performing strongly. He expects good fourth-quarter and early 2008 results from the company because it is storing greater amounts of grain, and grain prices are rising. Brown added that Andersons is hedged against falling ethanol prices and rising corn costs, but named VeraSun and Aventine as two companies that were overexposed to this risk.
In other financial news, VeraSun Energy (VSE) announced third quarter earnings of $7.8 million, or 9 cents per share, which prompted a 2.62 percent rise in its shares.

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