Piper Jaffray Neutral On China Yuchai Intl Ltd

Piper Jaffray has a Neutral rating and a $24 price target on shares of China Yuchai Intl Ltd

. In a note to clients, Piper Jaffray writes, "Late last week we participated in CYD's little-advertised facility tour in south China's Guangxi Province. We continue to believe that CYD is head-and-shoulders above the rest of our US-listed Chinese stocks when it comes to brand recognition and customer acceptance. Truck driver interviews in three different provinces confirm this stance. However, we are cautious on the outlook for truck demand in 2H11, and we believe CYD's ownership structure leads to investor skepticism and potentially damaging internal conflict. These factors keep us Neutral on the shares." Shares of CYD closed at $19.87 on Friday, down 64 cents.