Polypore Falls to 52-Week Low on ‘Sell’ Report: Atlanta Mover

Polypore (PPO) 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.

To contact the editor responsible for this story: Anita Sharpe at asharpe6@bloomberg.net

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.