Wunderlich on A123 Systems without Fisker: What now?

Wunderlich Securities has published a research report on A123 Systems (NASDAQ: AONE) commenting on the company's future without Fisker Automotive as a customer.In the report, Wunderlich writes, "In our A123 Systems (AONE) note published Feb. 9, we pointed out that AONE would likely struggle without Fisker as a customer. Several investors have pointed out that we neglected the budding energy storage market and the contractswith other car makers. We didn't neglect them. We dismissed them. There is no long-term business in frequency regulation for current battery technology and the cost may not have as much to do with it in energy storage applications as the limited lifetime. In electric/hybrid vehicles, the battery is a tiny fraction of what was in the Karma."Wunderlich Securities maintains its Sell rating and $0.50 price target on A123 Systems, which is currently trading down $0.05 from yesterday's $2.14 closing price.