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In a report released this morning, Morgan Stanley said that it is initiating coverage of Amyris, Inc.
AMRS with an Overweight rating, and notes that its $22 price target offers 27% upside potential.
“Amyris is a biotechnology company with an advantaged position in next-generation biofuels,” Morgan Stanley writes. “Starting with sugar, Amyris uses synthetic biology to produce molecules for use in renewable chemicals and transportation fuels.”
Morgan Stanley expects yield improvements and new off-take contracts to drive the share price until commercialization of Amyris' industrial-scale fermenter in Brazil in mid-2012.
Amyris closed Friday at $17.30.
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