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J.P. Morgan is downgrading Broadwind Energy, Inc.
BWEN to Neutral (from Overweight) following another disappointing set of results in C3Q10.
“While the stock would appear to have limited downside given its decline YTD, we believe a dearth of catalysts, low visibility on a recovery in natural gas prices, and risk of further weakening of an already-thin liquidity position will keep the stock in check for some time,” J.P. Morgan writes.
“With respect to C3Q10 results, Broadwind reported rev/PF EPS of $38.2mn/($0.07) or below our $43.0mn/($0.06) model with the miss driven by lower than expected product sales. Implied C4Q10 sales guidance of $50mn (at high-end) also missed our $55mn model.”
Broadwind Energy closed Friday at $1.93.
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