BMO Capital analyst Kenneth Zaslow downgraded Green Plains to Market Perform from Outperform with a price target of $31, down from $45. The analyst says a lower ethanol margin environment and potential delay in margin contribution from Ultra-High Protein may pressure EBITDA below consensus estimates. The near-term case for “aggressively investing” in Green Plains is now “less persuasive,” as the transition “from GPRE 1.0 to GPRE 2.0” may extend longer than expected, Zaslow tells investors in a research note.