Needham & Company Downgrades Advanced Energy Industries (AEIS) to Hold
- Top 10 News for 9/26 - 9/30: Deutsche Bank Soars on Settlement; Twitter Back in the M&A Fray; Nike 'Just Didn't Do It' in Q1
- Wall Street rallies, led by Deutsche Bank, financials
- Viacom (VIAB) Forms Special Committee; Will Explore Potential Combination with CBS (CBS)
- Deutsche Bank (DB) Said Near $5.4B Settlement with U.S. - AFP
- Oil up second straight month on OPEC-fueled rally
Needham & Company downgraded Advanced Energy Industries (NASDAQ: AEIS) from Buy to Hold following CEO resignation.
Analyst Y. Edwin Mok said, "AEIS's CEO Gerry Rogerson is viewed as the key figure in driving the major operational changes to enable strong earnings growth and leverage in the company. It is therefore not surprising to see the stock sell-off in after-hours trading. While reasons for his departure could be completely unrelated to the recent resignation of AE's President of the Solar BU, we are concerned that multiple high-level executive departures in such a short time would cause major disruption of the business. Given the near-term uncertainty, coupled with the aggressive consensus estimates in our view, we are turning more defensive on AEIS and are downgrading the stock from Buy to Hold."
Shares of Advanced Energy Industries closed at $19.00 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- BMO Capital Reiterates Outperform on Pepsi (PEP) Following Solid 3Q
- RBC Capital Reiterates Sector Perform on Darden Restaurants (DRI) After Raising Estimates
- RBC Capital Raises Price Target on Costco Wholesale (COST) Following 4Q Report
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!