Brean Murray Reiterates China Security & Surveillance (CSR) as Top Pick
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Brean Murray reiterates its Buy rating and $30 price target on China Security & Surveillance Technology (NYSE: CSR). The firm also maintains China Security & Surveillance as its Top Pick for 2008.
Following a 20% sell-off in shares of China Security & Surveillance since Thursday's close, the firm believes investors should use the weakness to accumulate more shares "given continued strong momentum in Safe City projects and the corporate market, and solid business execution." Brean Murray calls the recent decline unwarranted.
Brean Murray likes CSR's visibility as it "continues to sign more contracts in Safe City projects and complete work on schedule." Additionally, the firm points out that the company has about $77 million in cash and a banking facility from China Construction Bank, suggesting that CSR will "have ample cash to fund its working capital needs over the next 12 months..."
China Security & Surveillance Technology, Inc., through its subsidiaries, engages in the manufacture, distribution, installation, and maintenance of security and surveillance systems, as well as in the development and integration of related software in the People's Republic of China.
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