UPDATE: Citigroup Downgrades American Superconductor to Neutral/High Risk

Citigroup lowers its rating on American Superconductor AMSC to Neutral/High Risk from Hold/Speculative and lowers its price target to $6 from $14 as profitability for the company has no visibility until 2014 at the earliest. Citigroup says, "The wind market remains challenging (even in China), and we can't see AMSC making money (even on nonGAAP basis) until F2014 at the earliest. This assumes a breakeven similar to levels pre-Sinovel. Meanwhile, we believe AMSC faces a liquidity crunch making a financing necessary – likely within 6 months." AMSC closed at %5.57 a share on Thursday.