Zacks Investment Research upgraded shares of Protea Biosciences Group (PRGB) from N/A to OUTPERFORM on July 30, 2014, with a target price of $2.00.
Protea is at the initial stages of the roll-out of its revolutionary LAESI technology which is used with mass spectrometry and which has substantive advantages over traditional ionization methods. Commercialization of the LAESI instruments is being complemented with the company's molecular information services offerings and collaborations with leading medical institutions and industry partners. These current and additional partnerships and collaborations are expected to help build awareness of LAESI and Protea's capabilities and eventually lead to new product launches and services offerings. With 20+ new customer wins since just 2013, meaningful services-related revenue already booked as of Q1 2014, additional services-related sales reps recently hired and expectations of consummating additional near-term collaborative agreements, we think the services business is poised to show a rapidly steepening revenue curve. We are initiating coverage of PRGB with an Outperform rating.
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