UPDATE: Stifel Nicolaus Resumes Hold on Exide Technologies
Stifel Nicolaus resumes coverage on Exide Technologies (NASDAQ: XIDE) with a Hold, reflecting the company's challenges on cost and customer retention.
Stifel Nicolaus says, "The company benefited significantly from aggressive restructuring initiatives implemented from 2008-2010 as the economy recovered, but has recently struggled due to customer losses and increased input costs. We believe the company needs to execute on its cost reduction initiatives, right-size its capacity, and convince investors it has the liquidity and technology prowess to compete in a rapidly changing energy storage market."
XIDE closed at $2.91 a share on Friday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.