Zacks Investment Research upgraded shares of China Automotive Systems (NASDAQ:CAAS) from a hold rating to a buy rating in a research report report published on Monday morning. They currently have $4.25 target price on the auto parts company’s stock.
According to Zacks, “China Automotive Systems is a holding company and has no significant business operations other than their interest in Genesis in which they manufacture power steering systems and other component parts for automobiles. “
Separately, ValuEngine raised shares of China Automotive Systems from a strong sell rating to a sell rating in a report on Tuesday, November 27th.
China Automotive Systems announced that its board has approved a share repurchase program on Friday, December 7th that allows the company to buyback $5.00 million in shares. This buyback authorization allows the auto parts company to reacquire up to 6.5% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its shares are undervalued.
China Automotive Systems Company Profile
China Automotive Systems, Inc, through its subsidiaries, manufactures and sells automotive systems and components in the People's Republic of China. The company produces rack and pinion power steering gears for cars and light duty vehicles; integral power steering gears for heavy-duty vehicles; power steering parts for light duty vehicles; sensor modules; automobile steering systems and columns; and automobile electronic systems and parts.
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