UPDATE: Maxim Group Maintains Buy on American Superconductor, $7 PT
Maxim Group reiterated a Buy rating on American Superconductor Corp. (NASDAQ: AMSC) and a price target of $7.
Maxim Group noted, “Following better-than-expected FY1Q12 growth, AMSC guided to revenue declines in FY2Q12. While this trims our FY12 EPS estimate by ($0.16) to ($0.84), we believe (1) this is consistent with AMSC's quarterly lumpiness and (2) that its outlook for 2H acceleration is achievable as key customers' win the LVRT certification now required to build wind in China. With only 300 MW-400 MW of new contracts for breakeven, we maintain our Buy.”
American Superconductor closed at $4.30 on Thursday.
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