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 report published on Wednesday morning, Zacks.com reports. The firm currently has $2.75 price objective 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. “

A number of other equities analysts have also weighed in on CAAS. Greenridge Global restated a buy rating on shares of China Automotive Systems in a research report on Friday, March 29th. ValuEngine lowered shares of Zumiez from a hold rating to a sell rating in a research report on Tuesday, July 2nd.

CAAS opened at $2.30 on Wednesday. China Automotive Systems has a 1-year low of $2.00 and a 1-year high of $5.00. The stock has a 50 day moving average price of $2.29.

China Automotive Systems (NASDAQ:CAAS) last issued its earnings results on Thursday, May 9th. The auto parts company reported $0.05 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.02 by $0.03. China Automotive Systems had a negative net margin of 0.11% and a negative return on equity of 0.17%. The firm had revenue of $109.19 million during the quarter, compared to analyst estimates of $126.56 million. During the same quarter in the prior year, the business earned $0.14 earnings per share. On average, sell-side analysts anticipate that China Automotive Systems will post 0.17 EPS for the current 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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