UPDATE: Piper Jaffray Lowers Maxwell Technologies' PT
According to a research report published this morning, Piper Jaffray has decreased Maxwell Technologies' (NASDAQ: MXWL) PT from $25 to $20.
In the report, Piper Jaffray commented, "MXWL lowered its FY12 revenue guidance to +15-20% yoy, from +30% yoy previously. The weakness was largely from European markets for hybrid buses and autos, as a lack of government funding affected demand for hybrid buses in France and Spain, and the weak economy affected overall auto sales, which dented demand for vehicle start/stop systems. We had expected MXWL's new markets to offset some of this weakness, but UPS and SSD also saw unexpected pushouts. Hybrid bus revenues from China continue to be the highest revenue driver in the quarter, offsetting a weaker wind market."
Piper Jaffray maintains its Overweight rating on Maxwell Technologies, which is currently trading at $10.00.
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