UPDATE: Jefferies Lowers PT on Solazyme Following Roquette JV Dissolution

In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Buy rating on Solazyme SZYM, but lowered the price target from $18.00 to $15.00.

In the report, Jefferies noted, “Solazyme and Roquette have dissolved their JV. We view this as incrementally negative, particularly given the enthusiasm Roquette has displayed to date. We are lowering our 12-month target $3 to $15. Shares will likely be range-bound until there is confirmation Bunge and ADM production launches are on track.”

Solazyme closed on Friday at $12.62.