Canaccord Genuity Downgrades GLG Life Tech Corporation (GLGL) to Hold; No Longer Stomaching the Aftertaste of Consistent Disappointment

Canaccord Genuity downgraded GLG Life Tech Corporation (NASDAQ: GLGL) to Hold, price target slashed from $7.50 to $2.00.

Canaccord analyst, Scott Van Winkle, said, "Despite a significant opportunity for the use and adoption of stevia, particularly within China, today’s business update was disappointing and further muddies near-term visibility."

"GLG warned of both lower revenues and earnings as a result of OEM bottler production issues and consequent delays in new beverage introductions from
capacity constraints...Reducing 2011 rev/EPS estimates to $58.6M/($0.97) from $106.1M/($0.60) based AN0C revenue delays. 2012E rev/EPS reduced to $171.2M/$0.00 from $260.6M/$0.43."

For more ratings news on GLG Life Tech Corporation click here and for the rating history of GLG Life Tech Corporation click here.

Shares of GLG Life Tech Corporation closed at $1.99 yesterday.

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