Piper Jaffray Maintains Rating, PT On CYD Following Meetings

Piper Jaffray is maintaining its Overweight rating and its $43 price target on China Yuchai International CYD following meetings with the company's management. Says Piper Jaffray, in its report, “We just completed 3 days of traveling with CYD management. While we acknowledge the risk inherent in China's engine and truck markets this year, we are confident in our Overweight rating on CYD. We believe the stock's multiple will trend higher as investors come to appreciate the company's organizational structure and market position. We also believe that CYD will outperform other stocks in this market when excess truck inventory eventually clears the channel (likely sometime in late Summer).” CYD closed yesterday at $25.57.