UPDATE: Cowen Boosts PT on Solazyme (SZYM) to $17

February 27, 2014 9:01 AM EST
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Price: $2.15 --0%

Rating Summary:
    6 Buy, 6 Hold, 1 Sell

Rating Trend: = Flat

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    Up: 22 | Down: 32 | New: 34
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(Updated - February 27, 2014 10:06 AM EST)

Cowen and Company is raising its price target on Solazyme (Nasdaq: SZYM) from $14 up to $17, while maintaining its Outperform rating on the stock Thursday.

Analyst Robert Stone noted that Solazyme's Q4 loss of 49 cents per shares were wider than expectations, but in-line with Cowen's 48 cents per share loss estimate.

Production in 2014 was about 500 metric tons at Clinton. Three different oil-based products have been scaled up, and a fourth is underway. More than 30 truckloads have shipped for sales and sampling to applications in metalworking, lubricants, and home/personal care. ASPs have ranged as high as $3,700/MT, with an average thus far of about $2,600/MT, the analyst noted.

Mooema has completed most phases of start with regulatory permits in hand. Fermentation is running from seed train to 125K liter scale; 600K liter production fermenters should start up in March. The Product Recovery section has all equipment in place, with commissioning planned in March, and startup in March or April, Stone commented.

Stone sees production volume ramping in the latter part of 2014, seeing SHS growing about 30 percent to around $24 million (according to his estimates. The company isn't providing 2014 revenue guidance.)

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

Shares of Solazyme closed at $11.81 yesterday.

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