UPDATE: National Bank Financial Reiterates Underperform Rating, Lowers PT on Westport Innovations

In a report published Friday, National Bank Financial reiterated its Underperform rating on Westport Innovations

, but lowered its price target from $18.00 to $16.00. National Bank Financial noted, “WPRT continues to roll out new development partnerships from all corners of the global engine market, most recently with Tata. It is likely that there will be more partnerships to come. Although we model aggressive growth assumptions, some of these relationships may not generate future profits...With our aggressive growth assumptions, valuation remains challenging. There are many moving parts and losses could continue for a few years.” Westport Innovations closed on Thursday at $23.57.