Oppenheimer Issues a Buy Rating on Westport Innov

By Austin Angelo

In a report released yesterday, Colin Rusch from Oppenheimer assigned a Buy rating to Westport Innov (NASDAQ: WPRT), with a price target of $3.50. The company’s shares closed yesterday at $3.

Rusch noted:

“WPRT beat top and bottom line expectations as Automotive sales held steady. Restructuring benefits are clear in the model as Automotive adjusted EBITDA margin was 6% in the quarter (from 5% in 2Q:17). We believe the WPRT targets for 7%-10% EBITDA in the Automotive segment and full company EBITDA-positive target by mid-2018 are realistic. We expect investors to focus on HPDI 2.0 adoption rates and potential for a second customer beyond Volvo. We believe emissions reduction elimination of diesel use mandates in the EU and US will drive material demand for the product and additional customers. As we revised estimates higher, we raise our PT to $3.50 (from $3.00) to reflect better than expected Automotive performance and operational efficiency at CWI.”

According to TipRanks.com, Rusch is a 4-star analyst with an average return of 7.3% and a 51.7% success rate. Rusch covers the Industrial Goods sector, focusing on stocks such as Capstone Turbine Corp, Amer Superconductor, and Canadian Solar Inc.

Westport Innov has an analyst consensus of Moderate Buy, with a price target consensus of $3.50.

The company has a one-year high of $4.09 and a one-year low of $0.82. Currently, Westport Innov has an average volume of 1.31M.

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Westport Fuel Systems, Inc. engages in the manufacture of alternative fuel systems and components. It operates through the following business segments: Automotive, Industrial, Corporate and Technology Investments, Cummins Westport Inc., and Weichai Westport Inc.