UPDATE: Goldman Sachs Reiterates Neutral Rating, Lowers PT on KiOR

In a report published Monday, Goldman Sachs reiterated its Neutral rating on KiOR KIOR, but slightly lowered its price target from $8.00 to $7.00. Goldman Sachs noted, “Late Friday (1/25/13), the US Court of Appeals announced a ruling on a case brought by the American Petroleum Institute (API) that (1) challenged the EPA's refusal to lower its 2012 advanced biofuel volume mandate and (2) questioned whether the EPA's 2012 cellulosic biofuel projections were in excess of its ‘statutory authority.' The court rejected API's challenge to the EPA's 2012 advanced biofuel requirement, but agreed that the EPA's cellulosic projections were not within its authority, subsequently vacating the cellulosic aspect from the 2012 renewable fuel standard (RFS2) rule.” KiOR closed on Friday at $5.99.