AMSC Posts Solid Results For FQ3 2009, Risks Continue
Analyst J Michael Horwitz Jr of Robert W Baird maintains his "neutral" rating on American Superconductor Corp (NASDAQ: AMSC), while raising his estimates for the company. The target price for AMSC has been reduced from $39 to $34.
American Superconductor reported its FQ3 2009 results ahead of the estimates and raised the guidance for FY2009. The downward revision in AMSC’s target price is “due to a reduction in our valuation multiple due to risks including customer concentration, order push-outs, and changes to regulation,” the analyst says.
Despite the strong performance and the long term growth prospects, the current rating is “due to current valuation, customer concentration, and lack of clear visibility into its Chinese wind customers,” the analyst adds. Robert W Baird has raised its EPS estimate for FY2009 from $0.27 to $0.33.
