UPDATE: Deutsche Bank Downgrades Amyris to Hold

Deutsche Bank downgrades Amyris AMRS and reduces its price from $20 to $9 following a significant update from the company which included a capital raises and a delay of construction plans. Deutsche Bank notes, "Amyris held a business update call where management removed 2012 guidance, pushed out construction plans and announced a capital raise. Given the reduced visibility into production volumes and timing of profitability, we are reducing our rating to hold and reducing our price target to our downside case of $9 as we are taking a wait-and-see approach to the company's ability to execute on yet to be defined milestones. The company will report earnings on the evening of February 27th where management will outline 2012 goals." AMRS closed at $9.73 a share.