TI Fluid Systems PLC (LON:TIFS) flowed higher on Tuesday after analysts at JP Morgan Cazenove upgraded the car parts manufacturer to ‘overweight’ from ‘neutral’.
The US ‘bulge bracket’ investment bank has previously pointed to the fact that TI Fluid stands to benefit from the car industry’s shift towards hybrid and electric power.
READ: TI Fluid eyes electric opportunity
It estimates that TI supplies around €200 (£179) of equipment to each car with a combustion engine, but the company forecasts this to be €700 for a hybrid car or €400 for a pure electric vehicle.
Originally a fuel tank specialist, TI revealed earlier this month it is working with two electric and hybrid carmakers on contracts worth potentially €700mln.
Shares are up 4.6% to 282p. TI listed in London at 255p last October.