Janney Montgomery Scott Initiates Coverage on Fuel Systems Solutions (FSYS) with a Buy
FSYS Hot Sheet
Rating Summary:2 Buy, 3 Hold, 1 Sell
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Janney Montgomery Scott initiates coverage on Fuel Systems Solutions (Nasdaq: FSYS) with a Buy rating and a $48 fair value.
Janney analyst says, "The company is well positioned to take advantage of the drive to cleaner transportation alternatives. In Europe, propane and natural gas vehicles grew 24% in 2008 with ten major OEMs producing vehicles in conjunction with Fuel Systems. In the U.S., natural gas vehicles have been hampered by the low price of unleaded. However, with the 2008 run up to over $4.00 a gallon as a
reminder, we expect fleet operators to accelerate up their move to natural gas vehicles. While some may be concerned about the current economic outlook, we believe the desire to build out a green world will win out (both FSYS and Landi Renzo, its largest competitor, raised their guidance in the last two months). We believe Fuel Systems will not need to raise additional capital. Investments by governments across the globe are pushing all of Fuel Systems’ OEM customers to sell greener products. This is right in Fuel Systems’ sweet spot – cleaner and greener engines and vehicles."
Fuel Systems Solutions, Inc. (Fuel Systems) designs, manufactures and supplies alternative fuel components and systems for use in the transportation, industrial and power generation industries on a global basis.
Janney analyst says, "The company is well positioned to take advantage of the drive to cleaner transportation alternatives. In Europe, propane and natural gas vehicles grew 24% in 2008 with ten major OEMs producing vehicles in conjunction with Fuel Systems. In the U.S., natural gas vehicles have been hampered by the low price of unleaded. However, with the 2008 run up to over $4.00 a gallon as a
reminder, we expect fleet operators to accelerate up their move to natural gas vehicles. While some may be concerned about the current economic outlook, we believe the desire to build out a green world will win out (both FSYS and Landi Renzo, its largest competitor, raised their guidance in the last two months). We believe Fuel Systems will not need to raise additional capital. Investments by governments across the globe are pushing all of Fuel Systems’ OEM customers to sell greener products. This is right in Fuel Systems’ sweet spot – cleaner and greener engines and vehicles."
Fuel Systems Solutions, Inc. (Fuel Systems) designs, manufactures and supplies alternative fuel components and systems for use in the transportation, industrial and power generation industries on a global basis.
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