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Penford Corp., a Centennial-based maker of starches for the food and paper industries, fell as much as 15 percent Friday after an analyst reduced his target price.
Sidoti & Co. analyst Jonathan Lichter on Friday cut his target price to $43 from $46. New York-based Lichter, who reiterated his “buy” rating, didn’t immediately return a call seeking comment.
The shares dropped $3.94, or 14 percent, to $24.20 in Nasdaq Stock Market trading Friday, after falling as low as $23.88 during the session.
Penford plans a public offering of 2 million shares and has authorized 300,000 in overallotments for underwriters, according to a prospectus filed Tuesday.
