Northland Securities Raises Westport Innovations (WPRT) Price Target To $21
March 17, 2010 9:09 AM
Northland Securities analyst Eric Stine reiterated his Outperform rating for shares of Westport Innovations Inc (Nasdaq: WPRT) and raised the price target to $21.
Stine said that Westport Innovations is a dominant producer of medium and heavy-duty natural gas engines and that it is well positioned to profit from the mass transition of many fleets from gasoline and diesel to natural gas.
The company controls nearly 100% of the transit bus market and is moving into new market segments.
The Northland Securities analyst wrote, "we believe that the current environment for the use of natural gas as a transportation alternative to gasoline and diesel is favorable and has improved in recent weeks. Last week, VETC passed the Senate and now goes to the House to be reconciled. Additionally, there are indications that the Nat Gas Act may be included as part of a comprehensive Energy bill."
