Bioceres price target lowered to $13 from $15 at Roth MKM

Roth MKM lowered the firm’s price target on Bioceres to $13 from $15 and keeps a Buy rating on the shares. The company reported mixed Q4 results with below expectations but solid revenue growth of 18% and nearly doubling of adjusted EBITDA, the analyst tells investors in a research note. The shifting and re-evaluation of the drought-tolerant HB4 seed program was “more concerning”, and Bioceres also did not provide guidance but emphasized focusing on increasing profits and cash flow generation by targeting higher EBITDA growth than single-digit revenue growth, the firm stated, adding that the company reported solid growth, it did not reach the profit margins management had expected.