Polypore International Inc. (NYSE: PPO) is bouncing hard despite what was a SELL rating from Wunderlich this morning on the heels of the 30% or so drop which had been seen on Tuesday. It is interesting that Axiom Capital just slapped another SELL rating on Polypore just on Monday and D.A. Davidson cut its rating to Neutral just yesterday. The big concern is that a customer is going to become a competitor.
What is driving the stock higher today is that there is an analyst duel taking place. CNBC just showed a couple of these analysts and some are cautious on the valuation as is while one analyst with a $79 price target is saying that he does not believe the customer is on the way to becoming a competitor but is rather opening another plant for a different purpose. The video is not there yet, but here is the Polypore search page on CNBC.
Shares are now up 10% at $21.89 and the 52-week trading range is $36.60 to $74.21.
What is perhaps even more important is that we have seen 9.75 million shares trade as of 2:24 PM EST against a traditional day’s volume of almost 1 million shares. Yesterday’s volume was only 2.7 million shares and the drop went down to $38.08 from $54.34 the day before.
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