UPDATE: Dominick & Dominick Initiates Coverage on Active Power with Neutral Rating on 2013 Expectations

In a report published Friday, Dominick & Dominick analyst James McIlree initiated coverage on Active Power ACPW with a Neutral rating. In the report, McIlree noted, “Since arriving in early 2012, Active Power's CEO Greg Milner has re-focused the company on new product introductions and proprietary solutions. While top-line and bottom-line results for 2012 were similar to 2011, it masks the significant underlying progress made. Q4 results were negatively impacted by a shipment a customer was unable to accept due to citing issues. Expectations for 2013 are for significant increases in revenue and EBITDA, mainly on the introduction of new uninterruptible power system (UPS) products and a resumption in growth in modular infrastructure solutions post a refocus of that group on proprietary solutions. At close to 10x EV/FTM EBITDA, valuation is reasonable, but we would like to see a quarter or two of consistent results before recommending the shares.” Active Power closed on Thursday at $4.61.