Piper Jaffray Reiterates an 'Overweight' on American Superconductor (AMSC); Multi-Pronged Growth Strategy on Track
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Piper Jaffray & Co. reiterates an Overweight rating on American Superconductor (Nasdaq: AMSC), price target $45.
Piper analyst says, "We reiterate our Overweight rating on increased visibility into China wind growth. Using a sum of the parts valuation, we value the AMSC Power Systems business at $44, based on ~34x our CY2010 segment GAAP EPS estimate of $1.30 (from $1.29) – a premium with the leading wind peer multiple of ~23x given its higher growth and margin. Also, AMSC is essentially insulated from the credit crisis affecting the European and North American wind industry and is not at risk of delayed US stimulus spending. We value Superconductors business at $1, based on EV of ~4x CY10 segment revenue of $9.2M given the strategic value and long term potential."
To see all the upgrades/downgrades on shares of AMSC, visit our Analyst Ratings page.
American Superconductor Corporation provides megawatt-scale wind turbine designs and electrical control systems.
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