Maxim Group Reiterates Buy, $7 PT on American Superconductor Post Gross Margin Upside to FQ4

Maxim Group reiterates its stance on American Superconductor

with a Buy rating and a price target of $7. Maxim Group says, "Following better-than-expected FY4Q11 results marked by 59% Q/Q revenue growth, upside in gross margin (x-1x items) to 7.6%, and opex savings, AMSC offered lower-than-expected FY1Q12 guidance but also evidence a recovery may be at hand. With D-VAR orders strong and broadening to new applications, its JCNE contract picking up, and a cash cushion of $85m, we believe the light is shining on AMSC's path forward." AMSC closed at $4.05 on Wednesday.