UPDATE: Citi Upgrades Advanced Energy to Buy

According to Citi, Advanced Energy Industries

is upgraded to Buy. Citi said that it is increasing C2012 and ‘13 EPS to $0.85 and $1.35 respectively - both materially above Street $0.61 and $1.15 – and raising its target from $10 to $16.50, representing ~44% upside. “Our new target is based on 10x C2013 + ~$3/share net cash.” Advanced Energy Industries closed on Friday at $11.49.