MARKET TALK: Westport Shares Rev Up On Piper Jaffray Comments
Last update: 4/10/2012 1:13:22 PM
1:13 (Dow Jones) In a decade, when natural gas is as ubiquitous as truck and bus fuel in powering big vehicles, it'll be largely thanks to Westport Innovations (WPRT), says Piper Jaffray in starting coverage of the engine-technology company at overweight and contending the economics of natural gas are just too compelling to ignore. The investment bank believes 20% or more of all new trucks and buses worldwide will be burning liquefied or compressed natural gas by 2017, with an adoption rate double that not far-fetched. Piper calls WPRT inexpensive at current levels--it sets a $47.50 target--and that investors underappreciate the impact increased LNG/CNG penetration will have on the company. WPRT climbs 2.6% to $36.62 as the broader market swoons again.
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