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PEIX - Pacific Ethanol: Explaining My $9 Price Target
Pacific Ethanol Inc.
I must confess, I have fallen in love with Pacific Ethanol (PEIX) after listening to its Q2 2020 earnings call. Let's just say my conviction level has increased twofold. Let me explain.
Thesis
When businesses make dramatic business turnarounds, almost overnight in this case, I would argue that many market participants tend to look in the rear view mirror, especially after such a dramatic stock price move. Moreover, many market participants simply conclude that the big recovery in PEIX share is based purely on hype or momentum. Unfortunately, for the bears, that