Canaccord analyst Austin Moeller lowered the firm’s price target on Bioceres to $10 from $12.50 and keeps a Buy rating on the shares. The firm said the NOAA rainfall data points to light Q1 demand and as a result they believe a more conservative multiple is warranted given the expected reduction in the revenue growth rate to the HSD-range and near-term uncertainty for inputs demand in South America and Argentina in particular.