DeZwarteRidder schreef op 5 februari 2014 08:19:
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Analyst reaction: The Bear perspective
Piper Jaffray’s Mike Ritzenthaler noted: “We maintain our Underweight rating and $4 price target on shares of SZYM following last night’s press release that both Clinton and Galva are producing commercial oil shipments. The market is clearly much more enthusiastic than we are about the news. Investors, it would seem, believe that operations have been totally de-risked now that commercial shipments have started. We do not share that opinion, however, and our continued caution is rooted in history and practical experience, our lack of comfort with the company’s stated production economics, and the dilutive nature of Clinton production to shareholders based on the tolling arrangement with ADM and associated stock payments. The fact that SZYM is a story stock is not lost on us, but even with lower estimates, perfection is priced in.”