Company News

BUZZ-Westport Fuel: Gains after H.C. Wainwright says 'buy'

** U.S.-listed shares of Canadian auto parts maker up 9.5 pct at $3.46 premarket after H.C. Wainwright starts coverage with “buy”

** Says company’s deep patent portfolio (750+ patents), global distribution and newly launched products, positions it favorably to gain share in growing alternative fuels market

** In August, company entered supply agreement with China’s Weichai Westport to launch heavy-duty engine HPDI 2.0 in H2 2019

** Brokerage says the deal provides strong support to WPRT’s future revenue growth and expects more HPDI 2.0 commercialization news over next few qtrs

** Adds, company’s products, synergies in connection to merger with Fuel Systems, among other things, positions WPRT to grow sales and reach profitability in 2020

** Sets PT of $6, implying an upside of 90 pct to stock’s last close; Median PT $4.50

** Of the 4 analysts covering WPRT, their average rating is “buy”

** Stock has declined 16 pct this year (Reporting by Amy Caren Daniel in Bengaluru)