China Fire & Security initiated with "buy" - update

11/08/07 - Brean Murray, Carret & Co

NEW YORK, November 8 (newratings.com) - Analyst Michael H V Tieu of Brean Murray initiates coverage of China Fire & Security Group Inc (CFSG) with a "buy" rating. The target price is set to $19.

In a research note published this morning, the analyst mentions that 80% of the 1,000 iron and steel manufacturers in China do not comply with the new fire code issued by the country in April. This creates a market opportunity of almost $1 billion, the analyst adds. China Fire & Security Group is a leader in this market and its revenue pipeline is growing, Brean Murray adds.