UPDATE: Wedbush Upgrades Exide Technologies to Neutral

Wedbush is out with its report today on Exide Technologies

, upgrading XIDE to Neutral from Underperform. In its report, Wedbush writes, "Upgrading Exide to NEUTRAL from UNDERPERFORM on valuation. Shares of Exide are trading below book value of $5.11 and we see limited downside to current levels. While our estimates are well below consensus and guidance, we expect Exide to report a profitable FY12, and believe the company unlikely to report losses in FY13 without significant deterioration below our more cautious view." Wedbush lowers its PT to $6 from $7. Shares of XIDE closed Wednesday at $4.75.