UPDATE: Piper Jaffray Lowers PT on China New Borun to $7, Reiterates Overweight Rating

Piper Jaffray lowers its price target on China New Borun

from $7.60 to $7 and reiterates its Overweight rating on the company in a research report out today. In the report, Piper Jaffray writes, "Borun's net profit increased 27%/9% in FY11/4Q11 to US$49.7mil and US$11.4mil, respectively. We believe Borun remains a beneficiary of the mid- and high-end baijiu market growth in China and of industry consolidation." Shares of China New Borun are currently trading at $3.31, down 0.90% from yesterday's close.