UPDATE: Goldman Sachs Raises PT to $12 on Advanced Energy Industries Following Q3 Results

Goldman Sachs reiterated its Neutral rating on Advanced Energy Industries AEIS but raised its price target from $1 to $12 on good execution. Goldman Sachs commented, "We believe AE executed very well in a challenging market, as the company made progress on its cost reduction efforts, generated a 12% EBIT margin in the Solar business segment, and announced continued efforts to return cash and reduce expenses. However, we maintain our Neutral rating on the stock as we believe the SPE market will remain weak cyclically for at least the next two to three quarters. Some of AE's key SPE customers such as Applied and Lam have talked about industry spending in 2013 remaining strong despite comments from semi manufacturers that 2013 capex will decline, and as a result we remain concerned that Street estimates will be too high." Advanced Energy Industries closed at $11.78 on Friday.