Ceres Stock Rating Lowered by Piper Jaffray Cos. (CERE)
Ceres (NASDAQ: CERE) was downgraded by equities researchers at Piper Jaffray Cos. from an “overweight” rating to a “neutral” rating in a research report issued on Friday, Stock Ratings Network reports. They currently have a $3.00 target price on the stock, down from their previous target price of $5.00. Piper Jaffray Cos.’s price target points to a potential downside of 7.69% from the company’s current price.
The analysts wrote, “We are downgrading shares of CERE from Overweight to Neutral after management cautioned that the commercial ramp of sweet sorghum in Brazil is likely to fall below expectations this year. This serves to push out the stock’s primary catalyst by a year. In releasing 3Q results which included a $9mil loss, management stated that despite a sharp increase in average yields that wide variability in yields across locations will likely curtail adoption next season. Pushing out the commercial adoption timeline by a year will serve to fuel investor concerns around Ceres cash position, which at the recent run-rate would only provide 4+ quarters of cash. We believe shares will likely trade sideways until management provides greater clarity on efforts to reduce the cash burn or visibility on seed adoption improves.”
A number of other firms have also recently commented on CERE. Analysts at Raymond James Financial Inc. reiterated an “outperform” rating on shares of Ceres in a research note to investors on Tuesday, June 11th. They now have a $7.00 price target on the stock. Separately, analysts at Barclays Capital cut their price target on shares of Ceres from $13.00 to $11.00 in a research note to investors on Thursday, April 18th. Finally, analysts at Barclays Capital raised their price target on shares of Ceres from $11.00 to $13.00 in a research note to investors on Wednesday, April 17th. They now have an “overweight” rating on the stock.
Two research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Ceres has a consensus rating of “Buy” and a consensus price target of $6.21.
Shares of Ceres (NASDAQ: CERE) opened at 3.25 on Friday. Ceres has a one year low of $1.87 and a one year high of $10.41. The stock’s 50-day moving average is currently $2.78. The company’s market cap is $80.6 million.
Ceres (NASDAQ: CERE) last released its earnings data on Thursday, July 11th. The company reported ($0.38) earnings per share for the quarter, missing the analysts’ consensus estimate of ($0.31) by $0.07. The company had revenue of $1.40 million for the quarter, compared to the consensus estimate of $1.05 million. During the same quarter last year, the company posted ($2.48) earnings per share. Analysts expect that Ceres will post $-1.26 EPS for the current fiscal year.
Ceres, Inc (NASDAQ: CERE) is an agricultural biotechnology company selling seeds to produce renewable biomass feedstocks.
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