China Security & Surveillance unjustly beaten down, says Susquehanna Financial
Shares of China Security & Surveillance Technology, Inc. (NYSE:CSR) have been pummeled more than 30% since the start of June and such share disinterest has persisted in recent trading sessions. Short interest has jumped to 12 days of average trading volume.
Although the sell off, Susquehanna Financial analyst Adele Mao says shares have been unjustly punished, as investors have excessively focused on old topics and glossed over the company’s strong fundamentals.
“We view the rising needs for working capital as a byproduct of CSR's robust growth prospects, particularly given the company's involvement in Safe City projects of larger size and longer durations,” she wrote in a research note today. “The company's arrangements with China Construction Bank and IBM Global Financing are preferred alternatives to capital raise in a challenging market environment.”
Shares closed at $13.62 on Tuesday, down from $20.51 at the close of June 2. Shares have traded between $10.69 and $33.60 for the past 52 weeks. For detailed price information and recent news stories about China Security & Surveillance, click CSR.
