Credit Suisse Cuts Price Target on Evogene (EVGN) to $10 Following 2Q

August 17, 2016 11:29 AM EDT
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Price: $5.08 -3.24%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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Credit Suisse maintained an Outperform rating on Evogene Ltd (NYSE: EVGN), and cut the price target to $10.00 (from $19.00), following the company's 2Q earnings report. EVGN reported EPS of -$0.18, compared with the consensus estimates of -$0.17.

Analyst Christopher Parkinson commented, "EVGN reported 2Q16 adj. EPS of -$0.18 vs. CSe of -$0.17. Cash burn from ops in 2Q was -$2.3mm, driven primarily by a reduction in R&D payments vs. 2Q15; EVGN's cash & equivalents balance stands at $97mm, or 55% of the current market cap. EVGN continues to report a number of positive results across multiple project platforms including: corn and soybean stress tolerant genes (abiotic), novel plant targets for herbicides (collaboration with BASF), and the commencement of large-scale field trials in Central America for genes showing resistance to black sigatoka in a collaboration with Israelbased Rahan Meristem. We are raising our 2016 EPS to -$0.66 and our 2017 EPS to -$0.27. We are reducing our Target Price to $10 (from $19), based on our updated DCF analysis, assuming a 20% discount rate and a terminal growth rate of 3%."

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

Shares of Evogene Ltd closed at $6.89 yesterday.

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