Needham & Company Downgrades Advanced Energy Industries (AEIS) to Hold
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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.
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