Market Overview

Piper Jaffray Maintains CAAS Rating; Raises PT From $15 To $16


Piper Jaffray is maintaining its Neutral rating on China Automotive Systems, Inc. (NASDAQ: CAAS).

“But we note that CAAS could offer an interesting trade heading into Q4 results,” Piper Jaffray writes. “After the Chinese passenger vehicle market posted record sales in November, we now believe that Q4 estimates are too low for CAAS.”

Piper Jaffray has raised its Q4 revenue and EPS estimates to $96.4m and $0.31, respectively, both of which exceed consensus by a wide margin.

“CAAS's valuation - while still high compared to peers (hence our Neutral rating) - is lower now than at any point over the past year,” Piper Jaffray concludes, noting that its price target has moved up to $16 (from $15).

China Automotive Systems closed Friday at $14.63.

Posted-In: China Automotive Systems Piper JaffrayAnalyst Ratings


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