Aventine Renewable Energy Holdings, Inc. (NASDAQOTH:AVRNQ.PK)
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The Company and its subsidiaries, is a producer and marketer of ethanol in the United States.
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The Company and its subsidiaries, is a producer and marketer of ethanol in the United States.
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Let's face it, corn based ethanol has been beat up pretty bad lately. Not only is the political future of subsidies for domestic production and tariffs on brazilian imports being reexamined but the industry has been under an impressive margin squeeze as ethanol pricing relative to corn has not been favorable. How much worse can it get? Expect margins to improve during the second half of '08 and any political compromise reached regarding ethanol subsidies and mandates will still provide incentives for domestic production. AVR is probably the best in breed when it comes to US corn based ethanol producers and will outperform both it's peers and the SP500 for the remainder of the year. Resistence at $8 to 8.50 a share and a price target of $11 this year. Buy on weakness $5.50 - $6.50 if the oportunity presents itself.