Needham & Company Reiterates a 'Strong Buy' on Polypore (PPO); Leading Supplier In EV Space Accelerating Production Plan

Needham & Company reiterates a 'Strong Buy' on Polypore International (NYSE: PPO) price target of $75.00.

Needham analyst says, "In our view, Polypore’s lead acid operation is experiencing strong demand and the lithium-ion (li-ion) business should be benefitting from increasing electric vehicle (EV) sales. We highlight LG Chem (N/R) is planning to accelerate production. In addition, the Department of Energy (DOE) has stated plans to increase research spending on EVs in an effort to drive growth. We believe the recent PPO share price decline presents a solid investment opportunity, as the company fundamentals are solid."

"We are raising our near-term estimates to reflect the strength in the company’s energy storage operations. Our 3Q11 sales forecast is $197.0 million (from $195.0 million) with operating EPS of $0.54 (from $0.52) which reflects strength in lead acid combined with a growing EV business."

For more ratings news on Polypore International click here and for the rating history of Polypore International click here.

Shares of Polypore International closed at $52.28 yesterday.

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