Citi Maintains Hold on Advanced Energy Industries (AEIS)

Citi is out with its report today on Advanced Energy Industries

, maintaining Hold. In a note to clients, Citi writes, "We rate AEIS Hold, Speculative with a $18 target. As the semiconductor cycle moderates, we have typically focused on mid-cycle earnings for semicap companies. However, because of the solar business and that inverters are early in their growth cycle, we are choosing to use more of a spot earnings estimate for our valuation." Shares of AEIS closed Wednesday at $16.21, up 2.27% from Tuesday's close.