Piper Jaffray Reiterates Overweight on Gevo After Circuit Court Read-Through
Piper Jaffray published a report Monday on Gevo (NASDAQ: GEVO) and reiterated its Overweight rating and $15 price target.
In the report, Piper Jaffray wrote, "This morning, Gevo announced that the Circuit Court in D.C. overturned an order by the District Court in Delaware, enabling the company to sell into any market they choose. Fuel blendstock end markets for isobutanol are at the heart of this stay order, and play a role in Gevo's business plan over the next several years, but not imminently. The lack of immediacy of the fuel markets may make the stay decision seem innocuous, but we believe it provides a glimpse into how the Circuit Court is thinking about Butamax's appeal. In our view, it is increasingly likely that the Circuit Court comes to the same conclusion as the District Court, a positive outcome for Gevo."
Shares of Gevo traded up about 0.26 percent at $3.87.
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