The Globe and Mail reports in its Wednesday, April 2, edition that RBC Capital Markets analyst Christopher Dendrinos has reiterated his "sector perform" recommendation Westport Fuel Systems. The Globe's David Leeder writes in the Eye On Equities column that Mr. Dendrinos gave his share target a $4 trim to $4 (all figures U.S.). Analysts on average target the shares at $12.48. Mr. Dendrinos says in a note: "Westport announced the divestment of its most mature biz line, the light duty segment for a total cash consideration of $73.1-million which includes the reduction of debt of $27-million associated with the LDV [light-duty segment] biz. This decision positions Westport 1) with a stronger BS, and 2) to begin a new phase of focus on new applications for HPDI and its earlier stage high-pressure controls and systems business. ... We are not subscribing value to Cespira until we get greater visibility into earnings inflection." The Globe reported on March 28 and Aug. 16 that Mr. Dendrinos had reiterated his "sector perform" recommendation for Westport Fuel Systems. The shares were then going for $6.74 and $7.85.
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