UPDATE: Bank of America Reiterates on Advanced Energy Industries on Strong Q4'13 Report
In a report published Wednesday, Bank of America analyst Krish Sankar reiterated an Underperform rating on Advanced Energy Industries (NASDAQ: AEIS), and raised the price target from $17.00 to $19.00.
In the report, Bank of America noted, “AEIS reported Q4'13 rev/EPS (with stock comp) of $153M/$0.55 compared to our $151M/$0.53 estimate, and the Street's $151M/$0.60. Higher thin film segment revenue, driven by the pull-in of orders originally expected in Q1'14, was primarily responsible for the strong quarter. The midpoint of Q1'14 rev/EPS (with stock comp)/EPS (ex amort and stock comp) guidance at $142M/$0.39/$0.44 came in below our $150M/$0.39/$0.45 forecast in part due to reduced thin-film revenue expectations. Our CY'14 estimates remain unchanged, however. We maintain our Underperform rating and raise our PO to $19 as solar multiples have expanded.”
Advanced Energy Industries closed on Tuesday at $26.68.
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