UPDATE: Rodman & Renshaw Downgrades NF Energy Saving to Market Perform

Rodman & Renshaw is out with its report today on NF Energy Saving

, downgrading NFEC to Market Perform from Market Outperform. In its report, Rodman & Renshaw writes, "We are lowering our rating on NFEC from Market Outperform to Market Perform. This change is driven by 1) drop in revenue visibility and expectations due to expansion delays 2) potential working capital issues that are impacting growth prospects and 3) removal of 2011 guidance by management." Shares of NFEC closed Friday at $1.17.