UPDATE: Piper Jaffray Downgrades Maxwell Technologies to Neutral on China Hybrid Bus Exposure

Piper Jaffray reduced its rating on Maxwell Technologies

from Overweight to Neutral and lowered its price target from $20 to $7.25. Piper Jaffray noted, "We believe it is important for auto & truck investors to understand Maxwell's core product – ultra-capacitors – as in our opinion these energy storage devices will play an increasing role in the "greening" of vehicle fleets worldwide. Maxwell should be a primary beneficiary of this trend, especially given the company's #1 market share in the ultra-capacitor space. However, over the next year we believe MXWL will be range-bound given an uncertain outlook in China's hybrid bus market, which at >30% of sales represents MXWL's single largest source of revenue and earnings. Our price target is based on 8x 2013 EV/EBITDA." Maxwell Technologies closed at $7.93 on Wednesday.