Buy Ceres (CERE) Ahead of Biggest Catalyst of 2013 - Raymond James

June 11, 2013 8:26 AM EDT
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Price: $0.40 --0%

Rating Summary:
    1 Buy, 4 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Raymond James analyst Pavel Molchanov reiterated an Outperform rating and $7 price target on Ceres (NASDAQ: CERE) ahead of the company's biggest catalyst of 2013.

"We are taking this opportunity to highlight what we think is an attractive entry point in Ceres, in advance of the company's biggest catalyst of 2013," Molchanov notes. "When Ceres reports its financials for fiscal 3Q13 (ending May 31) in the first half of July - and perhaps even sooner than that - the company will also disclose its sweet sorghum yields for the harvesting season that has been wrapping up in recent weeks. This is the key commercialization milestone that the market has been waiting for. With the stock having been quite weak year-to-date (down 57% vs. ECO index up 33% YTD), currently trading right around book value, it seems that market expectations are decidedly on the low side, which suggests that there is plenty of room for those expectations to be surpassed. In the meantime, with $45 million of cash on hand and virtually no debt, we do not envision any need to raise additional capital over the next 12 months."

For an analyst ratings summary and ratings history on Ceres click here. For more ratings news on Ceres click here.

Shares of Ceres closed at $1.97 yesterday.

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