Topeka Capital Downgrades Polypore International (PPO) to Hold

Topeka Capital downgraded Polypore International (NYSE: PPO) from Buy to Hold with a price target of $44.00 (unchanged). The downgrade is based on valuation.

Analyst Chris Kapsch said, "PPO appears to be benefiting from short covering on news Exide (Nasdaq: XIDE) was approved for a Chapter 11 restructuring versus a Chapter 7 liquidation, although we never viewed PPO's exposure/risk to the latter scenario as very high. PPO may also be benefiting from marginally better EDV sales data, and news that Chevy is boosting incentives to promote sales of its plug-in Volt car, an important platform to PPO. While the modest improvement in EDV sales represents an inflection, the EDV adoption curve's slope remains muted, tempering our enthusiasm for PPO."

For an analyst ratings summary and ratings history on Polypore International click here. For more ratings news on Polypore International click here.

Shares of Polypore International closed at $44.33 yesterday.

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