Brookline Capital Markets Downgrades Bioceres Crop Solutions (BIOX) to Hold, 'CFO Departure’s Timing Worrying'

Brookline Capital Markets analyst Sally Yanchus downgraded Bioceres Crop Solutions (NASDAQ: BIOX) from Buy to Hold.

Te analyst comments "Downgrade Rating to Hold and Suspend Target Price – These changes result from the combination of the difficult industry backdrop (see corn, soybean, and wheat prices below); timing of the CFO change (even if pre-ordained); and balance sheet strains. We were encouraged by the March quarter’s improvement in operating cash flow ($23.3MM) with declines in receivables and inventories, but industry headwinds could slow the pace of improvement. In addition, the financial strains have built up over years, and unwinding them could take more dramatic action than assumed."

For an analyst ratings summary and ratings history on Bioceres Crop Solutions click here. For more ratings news on Bioceres Crop Solutions click here.

Shares of Bioceres Crop Solutions closed at $2.94 yesterday.

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