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American Vanguard sell-off unwarranted, says Piper Jaffray

Piper Jaffray views the sell-off yesterday in shares of American Vanguard as unwarranted and raised its price target for shares to $41 from $39. Piper thinks American Vanguard's accounting reclassification of SmartBox sales in Q3, and early season sales of corn insecticides, caused some concern that the company's manufactured earnings. The firm keeps an Overweight rating on the stock.