UPDATE: Deutsche Bank Initiates Westport Innovations at Buy; Approaching Inflection Point

Deutsche Bank initiated coverage on Westport Innovations

with a Buy rating and a $38 price target. Deutsche Bank noted, "We see an inflection point for natural gas vehicles (NGVs) (and Westport shares) from 2013 as engine technology advancements (plus resulting new product introductions) increase the served available market opportunity and accelerate NGV penetration. Diminishing infrastructure bottlenecks and a resulting increase in OEM interest in this technology should drive additional upside to our/consensus estimates over the next 12-18 months. We believe shares are adequately discounting the near-term macro headwinds post the recent guidance revision and, considering the potential for multiple catalysts on the horizon, we believe risk-reward is attractive at current levels." Westport Innovations closed at $25.42 on Wednesday.