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Solazyme rises after firm puts Buy rating on shares

Solazyme (SZYM), which transforms sugar into oil, is advancing after research firm ThinkEquity initiated coverage of the stock this morning with a $15 price target and Buy rating. ThinkEquity predicted that the company would develop good new products, in light of what the firm sees as the strength of the company's partners and its positive track record. ThinkEquity - which notes that Solazyme's algae is used to develop skin care, nutrition, chemical, and fuel products - doesn't expect the company to profitably sell its fuel. However, the firm is upbeat about Solazyme's other products. In late morning trading, Solazyme rose 20c, or 1.56%, to $13.04.