Bioceres price target lowered to $7 from $9.50 at Canaccord

Canaccord lowered the firm’s price target on Bioceres (BIOX) to $7 from $9.50 and keeps a Buy rating on the shares. The firm said the top- and bottom-line expected results were down and management attributed the impact to the results to an even mix of lower crop protection and micro-beaded fertilizer revenues, which Argentinian farmers had less demand for during the planting season due to changes in purchasing behavior related to depreciation in the Argentinian Peso and expectations of “mediocre” crop yields.