UPDATE: Northland Capital Markets Reiterates Market Perform Rating, Lowers PT on Fuel Systems Solutions Following Slightly Disappointing Results

In a report published Tuesday, Northland Capital Markets analyst Colin Rusch reiterated a Market Perform rating on

, but lowered the price target from $15.00 to $10.00. In the report, Northland Capital Markets noted, “FSYS posted slightly disappointing results on its core business and lowered guidance while taking a $2.15 per share write off as it begins to close its Livorno auto conversion facility. As FSYS continues to reshape its business, we believe investors will be focused on target end-markets for its products, EBITDA breakeven metrics and operating leverage on a go-forward basis. We maintain our MP rating and lower our PT to $10 (from $15).” Fuel Systems Solutions closed on Monday at $10.29.