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In a report published Monday, Jefferies analyst Laurence Alexander downgraded the rating on
Westport Innovations Inc.WPRT from Buy to Hold, and lowered the price target from $8.00 to $5.25.
In the report, Jefferies noted, “The recent downdraft in oil prices implies a flatter petrochemical cost curve, less demand for NGVs, a downshift in energy infrastructure capex, and a margin tailwind for downstream chemicals. Tilt towards the consumer, away from the cracker, and stay wary of whipsaws in soy (biodiesel) and corn (ethanol).”
Westport Innovations closed on Friday at $4.72.
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