IT Tech Packaging Inc (ITP)

[qbeagles02]

From Harbinger Research (no idea who they are):


"We believe industry factors will remain strong, and thus ONP
deserves at least a multiple of 10x our 2011 EPS estimate of $1.66. Therefore we rate the shares of ONP a Strong Buy, and set our 12-month price target to $16.60 per share.

...We have derived our 12-month price target of $16.60/share based on a 2011 forward P/E multiple of 10 times estimated earnings. Given that our 2011 earnings estimate of $1.66 per share represents a compound annual growth rate in EPS of approximately 26% (from year-end 2009 through year-end 2011), and given the strong long-term prospects of the Company, we believe a market multiple of 10x estimated 2011 EPS is actually fairly conservative, and believe significant upside to our price target exists. We therefore rate the shares of ONP a Strong Buy."

http://www.harbingerresearch.com/data/ONP%20Harbinger%20Research%20Report%204-22-10_258.pdf