Jefferies Cuts Price Target on Marine Bio (MBII) Following a Light 1Q

Jefferies maintained a Hold rating on Marrone Bio Innovations (NASDAQ: MBII), and cut the price target to $0.75 (from $1.00), following the company's 1Q earnings report. MBII reported a loss of $0.38, $0.13 worse than consensus. Sales rose 30%, with a 79% increase in product shipments.

Analyst Laurence Alexander commented, "Sales trends improved in Q1, but we believe most of the material catalysts remain tilted towards 2H16-2017. The new EPA submissions could trigger additional commercialization partnerships, which could shorten the path to FCF breakeven and alleviate balance sheet concerns. We reiterate our Hold rating."

For an analyst ratings summary and ratings history on Marrone Bio Innovations click here. For more ratings news on Marrone Bio Innovations click here.

Shares of Marrone Bio Innovations closed at $0.67 yesterday.

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