UPDATE: Jefferies Lowers PT on Verenium to $2.95 (VRNM)

Jefferies is out with its report today on Verenium VRNM, lowering its PT from $3.30 to $2.95. In a note to clients, Jefferies writes, "Our $2.95 price target is based on a 7.0x multiple on our 2015E EBITDA estimate of $10m, discounted at a 15% rate and adjusting for Verenium's 2011E balance sheet. Our 2015E EBITDA assumes an 16% Enzyme CAGR on our 2013 revenue estimate of $76m and 35% incremental EBITDA margins after 2013. As an early-stage company, Verenium is highly risky, vulnerable to shifts in investor risk aversion, the competitive landscape, or the commercialization timeline." Shares of VRNM closed Thursday at $2.59, down 1.52% from Wednesday's close.