Bioceres price target lowered to $2.25 from $2.50 at Canaccord

Canaccord lowered the firm’s price target on Bioceres (BIOX) to $2.25 from $2.50 and keeps a Hold rating on the shares. The firm reported lower Q1 revenues and adjusted EBITDA. The company has executed well on management’s previously stated business priorities, including efforts to improve the business’s margin profile, reduce operating expenses and better manage WC. Management cited expectations for the sustained unwinding of the seed business to temporarily lower upfront revenue recognition for the next two quarters in the segment.