UPDATE: Citigroup Initiates Advanced Energy Industries at Buy on Growth Outlook
Citigroup initiated coverage on Advanced Energy Industries (NASDAQ: AEIS) 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.
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