UPDATE: Jefferies Maintains Buy, Lowers PT to $9 on Metabolix

Jefferies reiterates its Buy rating on Metabolix

and lowers its Price target to $9 from $13 as coming year's operations are dependent on CJ & Telles customer trade-offs. Jefferies says, “Metabolix is at a crossroads in 2012, with Telles facing a trade-off between how fast it ramps Clinton I and margins. Metabolix has, in our view, 8-10 quarters to secure a chemical partner before facing liquidity constraints. This could be extended 4-6 quarters by shelving the biocrop platform.” MBLX closed at $4.43 per share on Thursday.