Wunderlich Lowers PT on American Superconductor to $5
Wunderlich Securities has published a research report on American Superconductor (NASDAQ: AMSC) after the company brought all of its regulatory filings up to date.
In the report, Wunderlich writes, "The company had not reported earnings since the December quarter last year. It was hurt by its largest customer allegedly conspiring with an AMSC employee to steal critical wind turbine software in an attempt to defraud AMSC of its intellectual property. We believe AMSC is now seeking more than $250 million in restitution. The company provided investors with enough financial information for us to lower our earnings estimates."
Wunderlich maintains its Hold rating and has lowered the price target from $6 to $5.
American Superconductor closed Friday at $5.08 and is currently down $0.44 after market open today.
