Altair jumps, analyst sees 'significant upside'

Shares of Altair Nanotechnologies Inc., which makes titanium dioxide particles used in paints, pharmaceuticals and fuel cells, climbed Monday after an analyst said a recent decline represents a "strong buying opportunity."

Altair, whose shares are down nearly 57 percent year-to-date, named Terry Copeland as president and chief executive on Friday. He had been the company's interim president since March.

ThinkPanmure analyst Michael Lew, who rates the company "Buy," said he sees a significant potential upside for the shares, given the likelihood that Altair will begin to commercialize its lithium ion nanobattery technology in the near future.

"We believe the appointment of (Copeland) as CEO suggests Altair has resolved internal organizational matters and, importantly, filled the leadership void at the top _ a necessity for any company to move forward," he wrote in a note to investors.

Reno, Nev.-based Altair's shares rose 18 cents, or 11 percent, to $1.81 in midday trading. The stock has traded between $1.63 and $5.45 in the past year. Lew's target price for the stock is $6.