UPDATE: Ascendiant Capital Markets Initiates Coverage on Westport Innovations with Buy Rating, $29 PT on Multiple Upcoming Catalysts

In a report published Thursday, Ascendiant Capital Markets analyst Carter W. Driscoll initiated coverage on Westport Innovations (NASDAQ: WPRT) with a Buy rating and $29.00 price target.In the report, Ascendiant Capital Markets noted, “Initiating coverage with a BUY rating and $29 price target. Westport develops engine and component technology using alternative fuels, primarily for liquefied natural gas (LNG) and compressed natural gas (CNG). We believe natural gas engines, while still very early in the adoption curve, provide economic advantages for numerous vehicles types such as long-haul trucking, refuse trucks, municipal buses, mining trucks, marine vessels and eventually locomotives. We believe the spread between diesel and natural gas prices should persist for a long time. In particular the payback period of switching to a natural gas-powered truck, especially for long distances, is very attractive.”Westport Innovations closed on Wednesday at $22.85.