China Automotive Systems (CAAS) PT Lowered to $4.50 at Greenridge Global Equity Research

March 29, 2019 12:50 PM EDT
Get Alerts CAAS Hot Sheet
Price: $3.37 +0.30%

Rating Summary:
    1 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 16 | Down: 13 | New: 52
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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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