Duoyuan Global (DGW) Shares Spike Mid-Day as Piper Upgrades to Overweight
DGW Hot Sheet
Rating Summary:0 Buy, 2 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 16 | Down: 7 | New: 23
Mid-day, Piper Jaffray has upgraded shares of Douyuan Global Water (NYSE: DGW) from Neutral to Overweight with a $35 price target.
The firm believes that the stock's recent pullback (down 18% since the beginning of August) has created a buying opportunity. Talking with private water treatment and services companies in China, Piper has confirmed that stimulus spending should drive strong growth within the water infrastructure segment during 2009 and 2010. Checks have also indicated that increased interest in water treatment projects in China during the back half of this year could mean better-than-expected sales growth for Douyuan.
Shares have jumped since the upgrade: the stock is now up about 7% after trading up only about 3% prior to the analyst call.
The firm believes that the stock's recent pullback (down 18% since the beginning of August) has created a buying opportunity. Talking with private water treatment and services companies in China, Piper has confirmed that stimulus spending should drive strong growth within the water infrastructure segment during 2009 and 2010. Checks have also indicated that increased interest in water treatment projects in China during the back half of this year could mean better-than-expected sales growth for Douyuan.
Shares have jumped since the upgrade: the stock is now up about 7% after trading up only about 3% prior to the analyst call.
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