Morgan Stanley Maintains Overweight, $29 on Solazyme

Morgan Stanley reiterates its Overweight rating and $29 target price on Solazyme (NASDAQ: SZYM) on Bunge JV catalyst.

Morgan Stanley notes, "Management stated that the company is on track to enter into a formal JV with Bunge and break ground on its first fuels & chemicals facility – 100,000MT plant in Moema, Brazil – in 1H12 . Beyond the Bunge JV, we believe the market will focus on the ramp of the Phase II facility that the company is building with Roquette."

SZYM closed at $11.87 a share on Tuesday.