UPDATE: Piper Jaffray Reiterates Neutral Rating, Raises PT on Maxwell Technologies Following Recent NDR

In a report published Friday, Piper Jaffray analyst Alexander E. Potter reiterated a Neutral rating on Maxwell Technologies MXWL, and raised the price target from $8.00 to $8.50. In the report, Piper Jaffray noted, “We are staying Neutral following a recent NDR. We think the engine starting business could ultimately drive a several-fold increase in the size of MXWL's addressable market - and the sheer size of this opportunity gives MXWL ‘multi-bagger' potential (in our view). However, we think it will be at least a year before this market begins contributing materially to sales. In the meantime, the uncertain fate of China's hybrid bus subsidy leaves MXWL exposed to a potentially major decline in revenue next year. Happily, plugin hybrid applications appear to be growing faster than we originally thought, which should help limit downside in 2014. We are nudging our price target higher (from $8 to $8.50) and introducing 2015 estimates that imply a return to sales growth.” Maxwell Technologies closed on Wednesday at $7.70.