Westport Innovations (WPRT) Downgraded

Westport Innovations WPRT has been downgraded by Jefferies & Co. from Buy to Hold, given the likely slowdown in orders. The price target has also seen a downward revision to $20 from the previous level of $23. Westport’s CNG/LNG technology for heavy vehicles puts it in a good position to leverage the mass adoption of natural gas engines. The growing environmental and economic considerations are another boost. However, markets are currently risk-averse and near-term orders are likely to be rather erratic. The stock is likely to prove a good buy in the second half of 2010.