UPDATE: Citigroup Initiates Advanced Energy Industries at Buy on Growth Outlook

Citigroup initiated coverage on Advanced Energy Industries

with a Buy rating and a $20.00 price target. Citigroup said, "Following the recently announced restructuring effort, AEIS has become a healthy cash generator well positioned to capitalize on the growth of commercial and utility scale projects in North America – a region remaining early in the growth cycle. Shares of AEIS are a core holding for investors looking to gain exposure into the downstream solar market while avoiding some of the pitfalls that have impacted the upstream segment - i.e. the commoditization of the module business." Advanced Energy Industries closed at $15.90 on Tuesday.