UPDATE: Wedbush Initiates Renewable Energy Group at Outperfom on Robust Market Conditions

In a report published on Thursday, Wedbush analyst Craig Irwin initiated coverage on Renewable Energy Group (NASDAQ: REGI) with a rating of Outperform and a price target of $17.

In the report, Wedbush stated, "As the largest U.S. biodiesel producer (~20% share in 2012), we believe REG is well positioned to deliver strong EBITDA and growth by reinvesting cash flows in accretive and organic expansion needed to meet rising demand. REG's expertise with low-cost feedstocks reinforces the company's status as a low-cost producer, where the adoption of this technology and existing and acquired facilities provides the opportunity to further reduce operating costs."

Renewable Energy Group closed on Thursday at $12.87.