UPDATE: Rodman & Renshaw Upgrades Hollysys Automation Technologies to Market Outperform

Rodman & Renshaw is out with its report today on Hollysys Automation Technologies HOLI, upgrading HOLI from Market Perform to Market Outperform. In a note to clients, Rodman & Renshaw writes, "We are upgrading our rating on the shares of Hollysys Automation Technologies Ltd. from Market Perform to Market Outperform based on valuation. We believe the recent market-related weakness in the shares presents an excellent entry point for investors to begin building positions in the stock. Trading at 10x and 9x our FY11 and FY12 EPS forecasts, we believe HOLI is now undervalued." Rodman & Renshaw has a $12 PT on HOLI. At the time of posting, shares of HOLI were trading at $8.16, up 6.53% from Wednesday's close.