UPDATE: Barclays Starts Ceres (CERE) at Overweight; Three Areas of Value...and Pray For Good Weather

(Updated - June 8, 2012 12:25 PM EDT)

Barclays initiates coverage on Ceres (NASDAQ: CERE) with an Overweight. PT $18.00.

Analyst, Duffy Fischer, said, "Ceres is a seed and biotech company focused on energy crops with what we view as three areas of value: a) near-term business opportunity in sweet sorghum seeds; b) developing energy crops (switchgrass, miscanthus, etc) for cellulosic fuel and biopower; and c) developing biotech traits to improve crop performance, i.e. drought tolerance, nitrogen utilization."

Fischer sees some exciting new opportunities for Ceres, however, did mention one risk being the weather. The weather plays a crucial factor, examples include droughts. Another is competition, including the likes of Monsanto (NYSE: MON).

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

Shares of Ceres closed at $10.31 yesterday.

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