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

  • 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.
Comments (1)
  • 22765361
    , contributor
    Comments (8) | Send Message
     
    Panasonic Yeah Right Way To Go !
    13 May, 12:19 PM Reply Like
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