Tri-Tech Holding (NASDAQ:TRIT) Would Expand with New Auditor

Tri-Tech Holding (NASDAQ:TRIT) has been getting some some small contract victories, but according to Global Hunter, they could expand far greater if they upgraded their auditor to one of the top ten firms.

Global says, "We had attributed a discount of about 40% relative to US and European listed peers for two primary reasons: first, TRIT is a small cap company relative to large cap industry peers and second, this is a US listed Chinese small cap company at a time when its comparable listing universe has been under intense scrutiny. Shares have quickly surpassed our $14 target while the company has had both positive fundamental announcements related to new, albeit, small contract wins as well as management’s recent presentations to the investment community. As a result of the recent announcements we are adjusting our estimates slightly higher and are increasing our price target from $14 to $16. We would like to see the company upgrade its auditor to a top 10 recognized auditing firm, and we believe that this is likely to occur after the company files its 10-K. If this were to occur, we believe the stock would receive multiple expansion from current levels."

Global Hunter Securities reiterates a "Buy" rating on Tri-Tech Holding (TRIT), which plunged Wednesday to close at $12.24, down $1.88, or 13.31 percent. Global did increase their price target on Tri-Tech from $14 to $16.