SmartHeat Shares Rise On "Outperform" Rating
NEW YORK (AP) ¿ Shares of SmartHeat Inc., which sells energy savings technology and products, rose Monday after an analyst initiated coverage of the Chinese company with an "Outperform" rating.
BMO Capital Markets analyst Charles Brady, who also set a $15 price target on the stock, said the company "has established a solid reputation as a seller of plate heat exchangers in China's rapidly growing industrial, residential, and commercial markets."
He said sales should benefit from government incentives and mandates aimed at improving energy efficiency in China.
"We expect healthy earnings growth through at least 2011, as investment in new buildings in China has not shown signs of slowing, Brady said.The analyst estimates 2009 revenue of $80 million and earnings per share at 60 cents. In afternoon trading, shares jumped 85 cents, or 7.3 percent, to $12.50.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV