Baird Downgrades Solazyme (SZYM) to Neutral

Baird downgraded Solazyme (NASDAQ: SZYM) from Outperform to Neutral with a price target of $9.00 (from $16.00) following Q3 results.

Analyst Ben Kallo comments, "SZYM continues to face challenges in ramping its Moema facility, and while we believe there is long-term value in the company, we think there will be significant pressure on the stock. Furthermore, SZYM will likely no longer reach cash flow breakeven in 2015, which limits its ability to deploy capital for expansion efforts. We will look for progress at Moema before becoming more constructive."

The fir cut FY 2014 EPS from ($1.49) to ($1.75) and FY 2015 EPS from ($0.64) to ($1.52).

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 $7.49 yesterday.

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