NEW YORK, Nov. 4, 2003 (PRIMEZONE) -- The following is an investment opinion issued by Investrend Research Syndicate:
Analyst Bill Campbell of Investrend Research affiliate eResearch, in a quarterly update on Burcon NutraScience Corporation (TSX Venture Exchange:BU), has maintained a "Speculative Buy" but increased his price target to $7.08.
In the Quarterly Report, which is free for a limited period of time on eResearch's website www.eresearch.ca and http://www.investrendresearch.com, the analyst noted that: "The Company has recently signed a licensing and development agreement with Archer-Daniels-Midland (NYSE:ADM), under which the latter company will pursue regulatory approval for human consumption of Burcon's proteins as well as building a full-scale production facility and undertaking the marketing of the products. Burcon will receive a royalty on sales of the product and continue to operate its pilot plant and R & D facility in Winnipeg."
The analyst added that: "The two proteins -- Puratein(r) and Supertein(tm) -- are expected to be price competitive with existing plant and animal proteins. An independent study has also indicated that in many cases they have superior performance characteristics to the proteins with which they have been compared."
In increasing his price target, Campbell said "If we use a 20% discount rate to our estimated fiscal 2008 value of $14.70 for the stock we generate a 12-month target price for the stock of approximately $7.08."
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