Piper Jaffray Likely to Report Maxwell Technologies 4Q11 In-Line

In a report published today by Piper Jaffray, Maxwell Technologies MXWL is gearing up to report its 4Q11 in-line with guidance based on the latest Chinese bus production data. “We estimate China buses comprise ~30% of MXWL's ultracapacitor revenue. Data for December shows that China bus production was up 7% m/m, below the historical average of 12%, and was up 10% q/q in 4Q11, higher than the average of the last 3 years of +6% growth, marking the third straight year of double digit quarterly growth. Given the strong correlation (90%) MXWL's ultracapacitor revenues have with China bus production, we expect 4Q11 revenues in-line with guidance of 3-5% sequential growth,” Piper Jaffray stated in the report. Piper Jaffray maintains its Overweight rating and $25.00 PT on Maxwell Technologies, which closed yesterday at $18.40.