Upgrading the stock to Market Perform from Underperform and boosting the price target to $3.50 from $3, Cowen analyst Robert Stone, notes reported revenue missed estimates by 17%, but two shipments totaling $4.5M were moved into 2014.
"[Amyris] has achieved an 18% share in squalane, and inclusion in over 300 brands, some with multiple SKUs. The first F&F molecule (with Firmeniche) slipped from Q4 but has now shipped. A new collaboration with IFF anticipates a second molecule and brings in $20MM of funding. One to three additional F&F molecules could be in production in 2015. We believe five partners are currently working on as many as 22 F&F molecules."
Stone cuts hus FY14 adjusted loss estimate to $0.75 per share from $0.80, and the FY15 loss to $0.35 from $0.45. Revenues are lifted to $180M from $95M in 2014, and $196M from $80M in 2015.