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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.

Copyright 2009 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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