UPDATE: Axiom Capital Research Reiterates Sell on Power-One

Axiom Equity Research maintains its Sell rating and $4 target price on Power-One

as weakness in Italy may significantly hurt the company's solar sales. Axiom Equity Research notes, "While the German market experienced a significant rebound in installations in C4Q11, our research indicates the Italian market began to implode in the same period (and has subsequently continued to deteriorate); given PWER's outsized exposure to the Italian solar market, we see significant risk to C4Q11 expectations. ... While PWER's share price has fallen below our $4 price target, & has recently recovered approximately 15%, we continue to see imminent valuation risk on the horizon & thus stick with our SELL rating & cautious near-term outlook." PWER closed at $4.52 a share on Wednesday.