UPDATE: Canaccord Downgrades Maxwell Technologies; Lowers PT

According to a research report published this morning, Canaccord has downgraded Maxwell Technologies MXWL from Buy to Hold, and has lowered PT from $24 to $14. In the report, Canaccord said, "Maxwell missed slightly our and consensus estimates for Q1 and also lowered its full year implied guidance. Revenues were $39.2M, compared to consensus and our $40.4M estimate. GAAP EPS were $0.02, lower than our $0.04 estimate but in line with consensus. Guidance was lowered to annual growth of 15% - 20%, down from an implied 25% - 30% previously." Maxwell Technologies closed yesterday at $15.80.