Jefferies Upgrades Westport Innovations (WPRT) to Buy, Notes To Buy The Dip Over Next 6-9 Months

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Jefferies upgraded shares of Westport Innovations (NASDAQ: WPRT) to a Buy rating and is raising its price target from $21 to $38.

The firm believes that investors should buy the dips in shares of Westport fro the next 6-9 months ahead of a broad array of potential catalysts in 2012-2013. It reports that better order patterns, combined with more favorable news-flow, and evidence that kinks in the supply chain resolved, "should translate into a falling risk premium."

Jefferies sees two near term headwinds and comments that "sell the news" may work when the the U.S. Nat Gas bill is reintroduced and the debate shifts to the odds of implementation and the potential order delays while customers wait for visibility on the incentive structure. The firm also notes that tightness in the heavy duty truck supply chain means some shipments could get postponed to 2HFY12.

For more ratings news on Westport Innovations click here and for the rating history of Westport Innovations click here.

Shares of Westport Innovations closed at $25.60 yesterday, with a 52 week range of $13.39-$27.22.

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