Jefferies Raises Price Target On Verenium (VRNM)

Jefferies & Co. raised its price target on Verenium Corp. VRNM to $3.50 from $2.90, but is maintaining its Hold rating. This comes after Verenium reported earnings that missed expectations. In a note to clients, Jefferies writes, "Management reiterated guidance for product revenue of $48-$54m and product gross profits of $16-$18m, expecting to provide 2011 guidance on its Q4 call. We are lowering our 2010E EPS by $0.10 larger to reflect Q3 results, but are maintaining our 2011E and 2012E estimates." Shares of VRNM gained 26 cents yesterday to close at $3.84, a gain of 7.3%.