Jan. 31 (Bloomberg) -- Polypore International Inc., which makes lithium separators used in batteries, plunged 43 percent to close at a 52-week low of $38.08 after Axiom Capital Management initiated coverage with a sell recommendation.
Analyst Gordon Johnson, who set a target price of $26 for the stock, said in a note that competitor LG Chem Ltd.’s announcement that it plans to have a separator plant operating by the second half of this year was “detrimental” to Polypore especially in light of Polypore’s capacity additions.
Polypore, based in Charlotte, North Carolina, said in a statement it remains confident that “accelerating industry demand for electric drive vehicles” justifies its capacity expansions.
#<732120.64227126.96.36.199.14779.25># -0- Jan/31/2012 21:11 GMT
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