) after the company experienced downsides due to inflation and policy headwinds for 2011. In the report, Oppenheimer writes "Our research suggests that CSR's sales growth may moderate further in 2011 and 2012 given China's monetary tightening. We are lowering our 4Q10 and 2011 sales and EPS estimates to reflect our more conservative growth assumptions. Without receivable factoring, we expect only moderate sequential improvement in CSR's cash flows. While we are recalibrating our expectations going into the quarter, CSR's valuation is in our view inexpensive at ~4x 2011E PE. Given the outstanding non-binding LOI for management buyout, we continue to expect the stock to trade less on fundamentals but more on the progress/likelihood of the proposed MBO." Oppenheimer maintains China Security & Surveillance Technology at Not Rated, with shares closing yesterday at $4.62.