China Automotive Systems (CAAS) PT Lowered to $4.50 at Greenridge Global Equity Research
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Greenridge Global Equity Research analyst William Gregozeski lowered the price target on China Automotive Systems (NASDAQ: CAAS) to $4.50 (from $6.00) while maintaining a Buy rating.
Analyst comments: "We are maintaining our Buy rating as we continue to believe China Automotive Systems is undervalued, as it runs profitably and has over $70 million of net cash and investments on its Balance Sheet. Based on previously disclosed orders 2020 could be a much stronger year than we are currently forecasting. Our target price is based on the average of a P/E multiple of roughly 10 times our 2019 diluted EPS estimate of $0.24 and an EV/EBITDAS multiple of roughly 6.0 times our 2019 EBITDAS estimate of $26.2 million."
Shares of CAAS trade up +3.75%, while SPY trades up +0.45% in Friday afternoon trading.
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