UPDATE: Jefferies Raises PT to $23 on Solazyme Post Q3 Beat

Jefferies reiterated its Buy rating on Solazyme 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.