UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on KiOR
In a report published Wednesday, the Goldman Sachs Group reiterated its Neutral rating on KiOR (NASDAQ: KIOR), and slightly lowered its price target from $9.00 to $8.00.
Goldman Sachs noted, “We remain Neutral on KIOR shares pending (1) visibility into the timing and cost of future capital requirements, and (2) clarity on sustainable production economics as Columbus moves beyond the start-up phase. With ground-breaking on Natchez expected in early 2013, we continue to model a $250mn follow-on equity offering in 1H13, with a corresponding debt raise likely – albeit current visibility on both remain limited.”
KiOR closed on Tuesday at $6.86.
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