UPDATE: Piper Jaffray Reiterates Underweight Rating, Lowers PT for Codexis

In a company note published earlier today, Piper Jaffray & Co. reiterated its Underweight rating for Codexis, Inc.

but slightly lowered its price target from $3.50 to $3.00. Piper Jaffray went on to say they maintained their rating “following a 1Q print that included a loss per share of -$0.21 on revenues of $31.1 million, versus PJC estimates of -$0.14 and $31 million, mainly on higher R&D and SG&A. With Raizen, management announced yesterday that 1st gen project discussions are not yet complete (expected to generate revenue in 2014 vs 2013 in our previous model), and a potential cellulosic ethanol project is possible (but it is yet unclear whether Shell would endorse such a program). We are lowering our price target to $3 (from $3.50 previously) on lower 2014 EBITDA and valuation multiple.” Codexis, Inc. closed yesterday at $3.36.