(March 31, 2011)
Equities research analysts at Zacks Investment Research downgraded shares of Trans-Pacific Aerospace Company, Inc. (NASDAQ: TPAC) from an “outperform” rating to a “neutral” rating in a research note to investors on Tuesday. The analysts currently have a $0.50 price target on the stock.
Analyst Ken Nagy wrote, “Trans-Pacific Aerospace Company (TPAC) intends to monetize its proprietary technology. TPAC and its joint venture partners intend to manufacture aerospace quality standard spherical bearings, rod ends and bushings (bearings) in China. Growth in China is two-fold: First the number of planes in China is expected to jump from 1,256 today to 4,330 over the next 20 years. With 3,000 spherical bearings on each plane the market is substantial. Second the offsets or obligations that original equipment manufacturers (OEMs) such as Boeing and Airbus owe China are approximately $16 billion. There are currently no manufacturers of spherical bearings in China. We see value in the shares. “
Trans-Pacific Aerospace Company, Inc., formerly Pinnacle Energy Corp., is a development-stage company. The Company is engaged in designing, manufacturing and selling aerospace quality component parts for commercial and military aircraft, space vehicles, power plants, and surface and undersea vessels. Its product designs address over 3,000 component parts that are utilized in new and used commercial aircraft and military aircraft, space vehicles, power plants and surface and undersea vessels. Its initial products include self-lubricating spherical bearings for commercial aircraft. On February 1, 2010, the Company commenced aircraft component business. The Company owns a 25% of the capital stock of Godfrey (China) Limited. (Godfrey). On March 30, 2010, it acquired 25% of the outstanding share capital of Godfrey.
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