HRBN Continues To Be Optimistic Regarding Growth Opportunities

Analysts at William Blair & Co reiterate their "outperform" rating on Harbin Electric Inc

, while reducing their estimates for the company. According to William Blair & Co, “Harbin Electric reported earnings results that were ahead of expectations (adjusted EPS of $0.77 versus the consensus estimate of $0.71). Revenue, however, was slightly below expectations ($105 million versus the consensus estimate of $108 million). “Management continues to be optimistic regarding the company’s major growth opportunities, including subway system and coal transportation buildout in China, along with the potential to further penetrate the international automotive market,” the analysts add. William Blair has lowered its EPS estimate for 2010 from $2.99 to $2.97 after “incorporating a slight increase in interest expense and marginally reducing our gross margin forecast for the rotary motor business.”