UPDATE: Deutsche Bank Cuts Target on A123 Systems to $6

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Deutsche Bank lowers its target price by $4 to $6 on Buy-rated A123 Systems (NASDAQ: AONE) following negative results for Q4. Deutsche Bank says, "AONE reported EPS of -$0.55 (ex impairment charges) vs our -$0.45 estimate. Revenues of $40.4MM were up 76% YOY, but down 37% sequentially. Operating loss of -$70MM compared to our -$55MM. The miss was more than explained by a one-time $10.6MM warranty accrual and $10.1MM of mfg inefficiencies. Rev is expected to decline sequentially in Q1 (related to timing of grid revenue recognition); therefore, a margin inflection point that could represent a meaningful catalyst is not likely until 2H12. We maintain Buy rating based on valuation."AONE closed at $1.60 yesterday.

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