UPDATE: Citi Upgrades KiOR

According to a research report published this morning, Citi has upgraded KiOr KIOR from Neutral to Buy. In the report, Citi said, "On the positive side, the big story is progress at Columbus, which is slightly ahead of schedule and marginally below budget. The company expects to complete its FEED study on Natchez by year-end, breaking ground in early 2013 and starting production in mid-to-late 2014 (inline with our expectations). Finally, Q1 cash burn was just under guide of $14-16M. On the negative side, capital requirements and fuel registrations remain overhangs." Citi maintains its $16 PT on KiOR, which closed yesterday at $9.89.