BTIG analyst Mark Massaro lowered the firm’s price target on Ginkgo Bioworks to $3 from $4 and keeps a Buy rating on the shares. The company delivered another Q4 beat on its Biosecurity business and a shortfall in its Foundry business, the analyst tells investors in a research note. The firm cites the re-rating of multiples and reduced milestone payments for the lower target. It says Ginkgo’s 2023 guidance excludes downstream economic capture, for now, due to uncertainty on timing.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly
See the top stocks recommended by analysts >>
Read More on DNA:
- Ginkgo Bioworks sees 2023 revenue at least $275M, consensus $381.51M
- Ginkgo Bioworks reports Q4 EPS (10c), consensus (21c)
- Ginkgo Bioworks Reports Fourth Quarter and Full Year 2022 Financial Results
- Ginkgo Bioworks options imply 10.1% move in share price post-earnings
- Ginkgo Bioworks, Zymtronix announce partnership