And here we go with some Pacific Ethanol information and answers

Company News- July 23, 2007: Dutton Associates Announces Investment Opinion: Pacific Ethanol Strong Speculative Buy Rating In Update Coverage By Dutton Associates
Dutton Associates updates coverage of Pacific Ethanol maintaining a rating of Strong Speculative Buy and a $21.00 price target. The report by Dutton senior analyst Paul Resnik, CFA is available at www.jmdutton.com as well as from First Call, Bloomberg, Zacks, Reuters, Knobias, Investars and other leading financial portals.
The ethanol sector continues to be an area of debate and, in our judgment, an unusual level of misinformation. In December 2005, the conventional thinking was that ethanol was a form of farm welfare and of interest only to those who lived in the Midwest. After the 2006 State of the Union address, ethanol became a hot market sector. As investors became increasingly concerned about the possibility of tight corn supplies and excess ethanol supplies in 2007, the sector turned ice cold. While the euphoria of last summer was clearly overdone, we believe the current negativism regarding this sector is also unwarranted. We believe the US farmer is very much up to the task of producing adequate supplies of corn and we believe the US driver will need all the ethanol that the industry can produce. With regard to PEIX, it has consistently met expectations as it executes an aggressive plant construction program. PEIX's first production facility in Madera, CA was completed on time and began producing ethanol in October 2006, and its next production facility (Boardman, OR) should begin production by the end of the 2Q 2007, its third wholly-owned facility should be completed in the 1Q 2008; and its next two plants should commence operations in the 2Q 2008. Our estimates are for EPS of $0.28 in 2007 and $1.05 2008. Assigning a 20 multiple on 2008 EPS, we generate a 12-month target of $21.00, a greater than 50% price advance from the current level.