UPDATE: Oppenheimer Raises Price Target on China XD Plastics to $7

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According to Oppenheimer, China XD Plastics
CXDC
price target is raised to $7. Oppenheimer said that CXDC preannounced its 3Q results with revenue to $100~106M, well above projection of $90.7M, indicating strong volume shipment of over 40,000 metric tons (
MTS
) and ~100% capacity utilization rate throughout the quarter. “With strong long-term growth prospects in vehicle sales, increasing plastics use per vehicle, strong order momentum and recent Big-4 auditor upgrade, it firmly believes CXDC is poised to deliver attractive returns for investors in coming years.” China XD Plastics closed yesterday at $4.36.
Posted In: Analyst ColorPrice TargetAnalyst RatingsOppenheimer
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