The imminent changeover in Administrations is of greater import for our coverage universe than many other sectors as it portends material changes on multiple fronts, including regulatory policy (food and biofuels) and tariffs. Many of…

Ancora, an activist investor, has been a GPRE shareholder for approximately four years. In early 2023, it published a letter outlining its view that the GPRE shares were undervalued and proposed the company consider selling…

Hormel reported essentially in-line Q4 results; EBITDA missed our projection slightly, but bested consensus, while EPS was in line with HJR and consensus. Sales came in better-than-expected, but volumes missed due to International; retail and…

In this note, we update our estimates post ADM’s Q3 earnings call. Please see our November 22 note for a more detailed discussion of our view of ADM’s fundamentals and outlook. We have reduced our…

Bird flu’s jump to dairy herds has been a game changer for the egg industry, resulting in a nearly year-round threat. There have been multiple large outbreaks over the past month (very early in the…