UPDATE: Maxim Group Reiterates Buy Rating, Lowers PT on China Gerui Advanced Materials

In a report published Wednesday, Maxim Group reiterated its Buy rating on China Gerui Advanced Materials

, but slightly lowered its price target from $5.00 to $4.00. Maxim Group noted, “Even with the new term of government in position, we do not expect drastic stimulus plans in the near term. In a sense, such plans may not be able to boost longer term growth. China's historical growth has been largely driven by infrastructure building and capacity expansion. Such strategy has created problems, such as resources waste and sluggish growth of consumer market. If the government launches growth strategies that de-emphasize fixed assets investment, then industrial companies may continue to face pressure. That said, CHOP has sufficient financial strength to survive the current downturn and become a market consolidator in the future.” China Gerui Advanced Materials closed on Tuesday at $1.22.