UPDATE: Stifel Reiterates Buy Rating, Raises PT on Marrone Bio Innovations Following 3Q13 Revenue Report

In a report published Monday, Stifel analyst Paul Massoud reiterated a Buy rating on

, and raised the price target from $17.00 to $19.00. In the report, Stifel noted, “MBI reported 3Q13 revenue of $1.3 million and additional deferred revenues of $770,000 in 3Q13, for combined commitments totaling $2.1 million, above our expectation of $1.9 million. MBI also announced it was accelerating investment in its Michigan manufacturing facility to meet higher-than-expected demand for its Grandevo pesticide product. We see this as confirmation that MBI is seeing adoption of its current product suite and acting to meet rising demand. We maintain our Buy rating.” Marrone Bio Innovations closed on Friday at $16.53.