Alliance Global Partners analyst Scott Henry lowered the firm’s price target on Evogene (EVGN) to $3.50 from $6 and keeps a Buy rating on the shares, citing lower forecasts and potentially higher equity dilution after the company reported Q1 earnings that featured a revenue shortfall offset by cost cuts. The Lavie Bio sale should fortify the balance sheet, although at a lower price than expected, and Casterra castor seed revenue continues to trail the firm’s forecasts, the analyst noted.
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