Brean Murray downgrades China Auto Parts Sector to Hold upon Dampening Industry Growth Outlook

Brean Murray downgrades China Auto Parts Sector to Hold upon Dampening Industry Growth Outlook

Brean analyst said, "In face of a weak industry growth outlook, a tough pricing/margin environment and a less friendly regulatory environment, we are downgrading the auto parts sector (China Auto Systems (Nasdaq: CAAS), SORL Auto Parts (Nasdaq: SORL) and Wonder Auto (Nasdaq: WATG)) to Hold. Admittedly the whole sector has been trading down significantly with the general small cap names upon negative market sentiment; yet we see lack of any major catalysts in the near term. We are moving to the sidelines for a better entry point."

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