China Bio Energy (Nasdaq:CBEH) Listed on Nasdaq – Up 40% Since We Touted on May 18
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/QSBz9RegN9E/Posted on Saturday, June 27th, 2009 | In Market Commentary, Small & Micro Cap
June 26, 2009 ndash; On May 18, we pounded the table again on China Bio Energy (formerly CBEH.OB) noting that ldquo;this is one of the most attractive growth stories in the market, and is definitely one of the most overlooked.rdquo; The stock was then trading at about $3.60, about 3.65x this yearrsquo;s forecasted earnings (33.7M) and 0.51x this yearrsquo;s forecasted sales ($240.7M).
We commented that at 11x this yearrsquo;s earnings and a P/S ratio of 1.5 this yearrsquo;s estimates, the implied stock trading range would be $9.75 to $10. Yesterday, the company announced that it has been approved for trading on the Nasdaq (Nasdaq:CBEH), which opens the doors to getting some legitimate institutional support in the stock. And the stock has now moved up to $5. Also yesterday, Roth Capitalrsquo;s Mark Tobin initiated coverage on China Bio Energy with a BUY rating and a $9 price target, slightly lower than our own target, but still a significant premium to todayrsquo;s price.
We remain long on the stock and bullish.
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