UPDATE: Piper Jaffray Reiterates Overweight Rating, Raises PT on S&W Seed Company Following Management Meetings

In a report published Monday, Piper Jaffray reiterated its Overweight rating on S&W Seed Company

, and raised its price target from $14.00 to $17.00. Piper Jaffray noted, “After hosting investor meetings with SANW management, we are incrementally more confident in the multiple upcoming catalysts that are lining up to sharply increase sales, as well as profitability over the next 2-3 years. First and foremost is a sharp increase in seed production that we believe will comfortably be within management's 9-10 million lb. range - with potential acquisitions providing the opportunity for upside. Seed pricing is trending above our model which provides another lever for upside. Longer term, we believe initial efforts to incorporate biotech traits is progressing smoothly, which provides a transformative step function in margins over time. SANW's move into dormant alfalfa seed provides another lever for upside beginning in CY14. Lifting price target from $14 to $17.” S&W Seed Company closed on Friday at $10.05.