JMP Says Weakness in Westport (WPRT) Shares Overdone; Reiterates Outperform, Raises Target to $54

Traders in Westport Innovations (Nasdaq: WPRT) are buying the dip Thursday morning following concerns related to Cummins' (NYSE: CMI) 15-liter engine and the resulting 5 percent move lower in Westport shares Wednesday.

JMP Securities' Shawn Severson is recommending investors take advantage of the downside to load up on Westport shares. He called Wednesday's sell off overdone. Severson believes Westport's HPDI technology will be "dominant" within the heavy-duty market.

The analyst reiterated a Market Outperform rating and boosted his price target on Westport shares from $48 to $54.

With the stock last trading at $46.49, Severson's new price target represents potential upside of about 16 percent.

See all the analyst calls on Westport shares using our Analyst Ratings page.

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