Wedbush Downgrades Exide To Underperform

According to Wedbush, Exide Technologies

is downgraded to Underperform. Wedbush said that it is downgrading Exide to UNDERPERFORM from NEUTRAL on a large 4Q11 miss on input cost issues significantly worse than we feared, which will likely persist as an operating challenge. “Exide reported revenue and operating EPS of $774.5m/$0.15 and adjusted EBITDA of $56.3m, vs. our forecast of $759.3m/ $0.30 with adjusted EBITDA of $75.2m. The company's operating performance deteriorated most significantly in Transport-NA.” Exide Technologies closed yesterday at $9.71.