UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on KiOR

In a report published Friday, Deutsche Bank reiterated its Buy rating on KiOR

, but lowered its price target from $16.00 to $13.00. Deutsche Bank noted, “Overall Thoughts. Company reported EPS of ($0.26) vs. DB estimates of ($0.27), cons ($0.25). Kior has now commenced operations (recall that construction was completed on time and under budget earlier this year), expects to start shipments later this month and should recognize revenue in Q4. We expect successful financing and start of construction of Natchez (end of Q1'13) as next key catalysts for shares. Maintain Buy, adjust price target to $13.” KiOR closed on Thursday at $7.66.