Goldman Sachs Starts Solazyme (SZYM) at Buy

Goldman Sachs initiates coverage on May's IPO Solazyme (NASDAQ: SZYM) with a Buy rating and $31 price target.

The firm said, "we think Solazyme's tailored oils can sustain higher margins relative to commodity, plant-based oils. We view the main near-term market opportunity as oleochemicals, but with additional opportunities in food, skin care, diesel, and jet fuel."

Goldman forecasts forecast 2011/2012/2013 revenue of $46 mn/$55 mn/$164 mn and adjusted EPS of ($0.78)/($0.70)/($0.12), with cash-flow breakeven in 2014.

For more ratings news on Solazyme click here and for the rating history of Solazyme click here.

Shares of Solazyme closed at $24.50 yesterday.

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