Senomyx Shares Down Despite Lake Street Initiation
In a note released Monday, Lake Street analyst Chris Krueger initiated coverage on Senomyx (NASDAQ: SNMX) with a Buy rating and announced a $14 price target.
"Senomyx is on the verge of a sales breakout as it transforms from the discovery & development phase to full commercialization of its unique flavor ingredient technology," Krueger commented.
Looking forward, Krueger sees the company reaching the break-even point on earnings for the first time in 2015 and revenues of $72 million in 2016 due primarily to a deal with PepsiCo.
Krueger added, "we see revenue and earnings growth of 35+ percent for the next several years. At this pace, we think the company is on a path to $100-$150 million in revenue and EPS of $1.00-$1.50 in the next 3-4 years."
Despite this new Buy rating, shares of Senomyx were trading down ~1.1 percent at last check.
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