In a company note published earlier today, Piper Jaffray & Co. reiterated its Underweight rating for Codexis, Inc. CDXS but slightly lowered its price target from $3.50 to $3.00.
Piper Jaffray went on to say they maintained their rating “following a 1Q print that included a loss per share of -$0.21 on revenues of $31.1 million, versus PJC estimates of -$0.14 and $31 million, mainly on higher R&D and SG&A. With Raizen, management announced yesterday that 1st gen project discussions are not yet complete (expected to generate revenue in 2014 vs 2013 in our previous model), and a potential cellulosic ethanol project is possible (but it is yet unclear whether Shell would endorse such a program). We are lowering our price target to $3 (from $3.50 previously) on lower 2014 EBITDA and valuation multiple.”
Codexis, Inc. closed yesterday at $3.36.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in