Axiom Maintains Sell Rating and $4 PT on Power-One
A report from Axiom reiterates its Sell rating and $4 price target on Power-One (NASDAQ: PWER).
In the report, Axiom writes, “While PWER's share price fell below our “initiation price target” of $5/share more recently, & currently hovers around this price level, we see imminent valuation risk on the horizon & thus stick with our SELL rating & cautious near-term outlook (we blv this stock remains one of the most misunderstood by the Street, evidenced by the current distribution of ratings: 12 BUYS, 6 HOLDS, & 1 SELL [as our readers may have guessed, we are the only firm on the Street with a SELL rating]). First, with respect to the fundamental backdrop, we remind our readers that PWER derives the overwhelming majority of its revenues from one country – Italy (in 2010, 36.5% of PWER's revenues emanated in Italy)”.
PWER closed yesterday at $5.32.
