Origin Agritech Gets More Analyst Love (SEED, CNOA, GRO, CGA, FEED, YONG)
Following an upgrade from an analyst at Chardan Capital, Chinese agriculture firm Origin Agritech (SEED) stock is surging. Chardan raised Origin’s rating from Hold to Buy. In addition, the company’s price target has been increased from $10 to $11.
As a whole, the Chinese Agricultural Stocks Index is up 3% on the day while the S&P 500 moves lower.
Origin is surging by more than 15% today and is up 32% over the last week, making it the index’s top performer. China Organic Agriculture (CNOA) is also jumping higher in sympathy, while Agria (GRO) are also trading positively on the day.
In its note on Origin, Chardan noted that, after selling its minority stake in a cotton seed producer, the firm is poised to have between $30 and $35 million of cash on hand available for R&D efforts or acquisitions. Chardan believes that this will allow Origin to differentiate itself from its competitors.
Elsewhere in the segment, China Green Agriculture (CGA), AgFeed Industries (FEED), and Yongye International (YONG) are all moving lower for the day, though AgFeed Industries has gained 15% over the last week.
Investors can track theChinese Agricultural Stocks Indexfor performance trends and a suite of other metrics at tickerspy.com
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