UPDATE: Jefferies Initiates Coverage on Marrone Bio Innovations on Pure-Play Opportunity

In a report published Tuesday, Jefferies analyst Laurence Alexander initiated coverage on

with a Buy rating and $17.00 price target. In the report, Jefferies noted, “Marrone offers a pure-play on the theme of ‘a better ecosystem in a bag.' 2013-2014 hinges on the adoption curve of its first round of products, longer-term upside hinging on evidence the R&D platform supports a faster cadence of product launches and expansion into new markets such as row crops, animal health, seed treatments and public safety. We initiate coverage with a Buy rating. Jefferies served as Joint-Bookrunner in Marrone's August 2013 IPO.” Marrone Bio Innovations closed on Monday at $13.34.