Bioceres initiated with Outperform, $15 target at Oppenheimer

Oppenheimer analyst Kristen Owen last night initiated coverage of Bioceres with an Outperform rating and $15 price target. A leader in South American crop protection and nutrition, Bioceres is ramping its proprietary drought-resistant wheat and soybeans "from a position of strength," the analyst tells investors in a research note. With initial revenue on each product, the firm believes much of the company’s technology has been de-risked, and sees "drought tolerance as an increasingly valuable trait as farmers face a volatile climate." And with an overhauled balance sheet, it believes many of the barriers to owning the stock have been alleviated.