Needham & Company Upgrades Advanced Energy Industries (AEIS) to Buy

October 29, 2013 6:39 AM EDT
Get Alerts AEIS Hot Sheet
Price: $57.94 --0%

Rating Summary:
    2 Buy, 9 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Needham & Company upgraded Advanced Energy Industries (NASDAQ: AEIS) from Hold to Buy with a price target of $23 on thin-film earnings power and undervalued solar business.

"We are upgrading AEIS from Hold to Buy based on our increased confidence in its growth trajectory in both the thin film and solar inverter businesses," analyst Y. Edwin Mok said. "Going into the 3Q report, we see an in-line report with upside to 4Q guidance on accelerated semicap bookings. While we have been more cautious on AEIS's solar growth rate, we believe the business will grow in 2014 on an improved U.S. product portfolio and international expansion. Our model suggests that the current stock price does not assign any value to the solar business. AEIS is an overlooked name, in our view, split between the solar and semicap sectors, but we would recommend investors looking for strong earnings growth to buy AEIS shares."

For an analyst ratings summary and ratings history on Advanced Energy Industries click here. For more ratings news on Advanced Energy Industries click here.

Shares of Advanced Energy Industries closed at $19.57 yesterday.

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