Piper Jaffray Maintains Overweight on Gevo

Piper Jaffray is out with its report today on Gevo GEVO, maintaining Overweight. In a note to clients, Piper Jaffray writes, "We maintain our Overweight rating and $31 target on shares of GEVO following yesterday's groundbreaking event and meetings with management in Luverne, Minnesota. We are incrementally more confident that the retrofit will be completed on schedule and starting isobutanol production by the end of 2Q12 after walking the site with project personnel. Compared to their peers, Gevo's retrofit is simple and low cost. Although Gevo is focused on Luverne, the biocatalyst group is making incremental improvements to the yeast, and some new engineering resources are being allocated to the next major effort; the first 50 million gallon plant." Shares of GEVO closed Tuesday at $19.28, down 2.31% from Friday's close.