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

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.

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