Polypore +7.7%, inks long-term lithium separator supply deal with Panasonic

|About: Polypore International, Inc. (PPO)|By:, SA News Editor

Polypore International (PPO) +7.7% premarket after announcing a five-year lithium-ion separator supply agreement with Panasonic (PCRFY), and authorizing a repurchase of up to 4.5M common shares.

Q1 results were mixed, however, with earnings falling short of expectations but revenues rising 10% Y/Y; sales of lead-acid battery separators rose 4% while lithium battery separator sales jumped 23% due to higher volumes in electric drive vehicles.

DA Davidson upgrades shares to Buy from Neutral and raises its price target to $42 from $36, citing PPO's flexibility to increase capital investments in strategic growth opportunities through the recent debt restructuring and subsequent lower interest rates.