China Automotive Systems (NASDAQ:CAAS) Raised to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a research report report published on Wednesday morning, Zacks.com reports. The brokerage currently has $2.75 target price on the auto parts company’s stock.
According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “
Other analysts have also recently issued reports about the company. ValuEngine cut Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd. Greenridge Global reissued a buy rating on shares of China Automotive Systems in a research report on Friday, March 29th.
China Automotive Systems (NASDAQ:CAAS) last announced its earnings results on Thursday, May 9th. The auto parts company reported $0.05 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.02 by $0.03. The firm had revenue of $109.19 million during the quarter, compared to analysts’ expectations of $126.56 million. China Automotive Systems had a negative return on equity of 0.17% and a negative net margin of 0.11%. During the same period in the prior year, the firm earned $0.14 EPS. On average, research analysts predict that China Automotive Systems will post 0.17 earnings per share for the current fiscal year.
China Automotive Systems Company Profile
China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. The company produces rack and pinion power steering gears for cars and light duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronic systems and parts.
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