UPDATE: Jefferies Raises PT to $23 on Solazyme Post Q3 Beat
Jefferies reiterated its Buy rating on Solazyme (NASDAQ: SZYM) and raised its price target from $22 to $23.
Jefferies commented, "Q3 was $0.06 better than consensus ($0.05 above our forecast). The current projects remain on track, but the real milestones were Bunge expanding its plans even before Moema starts, a new agreement with ADM, another tailored food oil and a test marketing program for Soladiesel. The focus now shifts to winning downstream partnerships."
Solazyme closed at $7.09 on Wednesday.
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