Oppenheimer Reiterates Outperform on China Automotive Systems

Oppenheimer published its report on China Automotive Systems

after it appointed PricewaterhouseCoopers Zhong Tian as its new independent auditor. In a note to clients, Oppenheimer writes, "We view the company's move to proactively enhance its corporate governance positively as the stock has been negatively impacted by recent controversies and investor concerns over corporate governance of several Chinese reverse takeover (RTO) companies." Oppenheimer has a $24 price target on CAAS. CAAS is trading at $14.50.