BUZZ-Westport Innovations Inc: Brokerages cut price targets

Wed Oct 1, 2014 1:27pm EDT
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** Canadian auto parts maker's shares down 24 pct at C$8.89; U.S.-listed shares slump to 5-year low of $7.40, making them the biggest percentage losers on Nasdaq

** At least six brokerages cut their price targets on U.S.-listed stock, ranging between $5 and $20, after the company lowered its 2014 revenue forecast to $130-$140 million

** "Shares are now in a 'show-me' situation and it could be several months before improvement is clear," Lake Street Capital Markets analyst Robert Brown said, downgrading the stock to "hold" from "buy"

** Of the six analysts covering the stock, 2 have a "buy" or higher rating, 3 have a "hold" rating, and 1 has a "sell" rating

** Median price target on the stock is $14.70, a decrease of 14 pct from a month ago

** Nearly 2.2 million U.S-listed shares changed hands by 13:02 ET, more than two times their 10-day moving average

** Up to Tuesday's close, the company's Toronto-listed shares, which are headed for their biggest single-day fall, were down 43 pct this year