Needham & Company reiterates a 'Strong Buy' on Polypore (PPO) Core Business Improving With or Without Volt

August 30, 2012 7:53 AM EDT
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Price: $60.48 --0%

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    3 Buy, 12 Hold, 3 Sell

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Needham & Company reiterates a 'Strong Buy' on Polypore International (NYSE: PPO) price target of $50.00.

Analyst, Michael Lew, said, "We expect the G.M. preannouncement of Volt sales to exceed 2,500 units in August to be a positive sentiment driver for PPO shares. However, we are surprised to see the share price initially pull back on GM’s plan to idle the Hamtramck facility to balance Volt supply with demand and also retool for other programs. What is being overlooked is the fact that the other 80%+ of the core businesses are improving. In our view, PPO shares are undervalued and our ‘base case’ analysis suggests shares are worth at least $42. This includes factoring in EV sales decline of 5% over the next 12 months."

FY12 EPS estimate raised from $2.13 to $2.14.

For an analyst ratings summary and ratings history on Polypore International click here. For more ratings news on Polypore International click here.

Shares of Polypore International closed at $30.86 yesterday.

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