Needham & Company Maintains a 'Hold' on A123 Systems (AONE); Slashing Estimates As Road Gets Tougher

May 16, 2012 7:44 AM EDT
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Needham & Company maintains a 'Hold' on A123 Systems (NASDAQ: AONE).

Analyst, Michael Lew, said, "FY1Q12 financial results were in line with the pre-released downward revision. The bumpy road that we see ahead of
A123 Systems reflects the battery recalls impacting five customers and leaves the current transportation customer base (includes BMW) exposed to competitors on firmer financial footing such as Johnson Controls, LG Chem and SB LiMotive. In addition, the retention of a strategic advisor highlights the challenges and uncertainty currently in front of A123 Systems."

Needham slashes FY12 EPS estimates from (1.28) to (1.87) and FY13 from (1.04) to (1.11). FY12 revs cut from $204.4 mln to $100.0 mln and FY13 from $415.6 mln to $200 mln.

For an analyst ratings summary and ratings history on A123 Systems click here. For more ratings news on A123 Systems click here.

Shares of A123 Systems closed at $0.96 yesterday.

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