Market Overview

UPDATE: Piper Jaffray Reiterates Overweight Rating, Lowers PT on Ceres

Related CERE
Benzinga's Weekend M&A Chatter
Land O'Lakes And Ceres Agree To Merge; Stock Surges 78%

In a report published Wednesday, Piper Jaffray & Co. reiterated its Overweight rating on Ceres (NASDAQ: CERE), but lowered its price target from $15.00 to $7.00.

Piper Jaffray noted, “Following slower than anticipated adoption of Ceres's sweet sorghum hybrids for the 2013 Brazilian planting season due to the drought, as stated on the 4Q and FY12 earnings call, we are shifting our model out by a year and lowering our price target. Despite the expectation of lower planted hectares in FY13, we believe the likely increase in ethanol blending in Brazil next year will increase demand for sweet sorghum and ramp product adoption. Based on our model revisions, our PT drops from $15 to $7 as we apply a new multiple of 15x CY15 discounted at 30% for 1 year (previously 12x CY15 discounted at 30% for 2 years), where the 15x multiple is in line with the seed & crop chemical peer group and the slower adoption pushes the model out a year approaching FY13.”

Ceres closed on Tuesday at $4.08.

Latest Ratings for CERE

Nov 2013Sidoti & Co.DowngradesBuyNeutral
Jul 2013PiperJaffrayDowngradesOverweightNeutral
Apr 2013PiperJaffrayMaintainsOverweight

View More Analyst Ratings for CERE
View the Latest Analyst Ratings

Posted-In: Piper Jaffray & Co.Analyst Color Price Target Analyst Ratings


Related Articles (CERE)

View Comments and Join the Discussion!

Latest Ratings

VIABImperial CapitalUpgrades29.0
CDNSJP MorganUpgrades51.0
EBAYRBC CapitalDowngrades0.0
View the Latest Analytics Ratings
Don't Miss Out!
Join Our Newsletter
Subscribe to:
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Daily Analyst Rating
A summary of each day’s top rating changes from sell-side analysts on the street.
Fintech Focus
Your weekly roundup of hot topics in the exciting world of fintech.
Thank You
for registering for Benzinga’s newsletters and alerts.
• The Daily Analysts Ratings email will be received daily between 7am and 10am.
• The Market in 5 Minutes email will be received daily between 7am and 8am.
• The Fintech Focus email will be received every Friday between 2pm and 5pm.

UPDATE: Wedbush Securities Cuts PT to $9 on Best Buy Following Q3 Review

UPDATE: Piper Jaffray Reiterates Neutral Rating, Lowers PT on Best Buy