Wedbush Downgrades Maxwell Technologies (MXWL) to Neutral; Elevated Competitive and Supply Chain Risks

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Wedbush downgraded Maxwell Technologies (NASDAQ: MXWL) from Outperform to Neutral, price target slashed from $20 to $8.

Analyst, Craig Irwin, said, "Downgrading shares of Maxwell to NEUTRAL on indications of elevated competitive and supply chain risks that we believe are no longer consistent with a more constructive recommendation...Industry sources indicate Lishen has been selling Lishen-branded UCaps and modules directly to Chinese customers in Wind and other markets, which we believe goes around the spirit of the original outsourcing agreement with Maxwell...Checks indicate limited potential for a near-term Stop-Start announcement."

Wedbush cuts FY12 EPS estimate from $0.45 to $0.27 and FY13 from $0.65 to $0.38.

For an analyst ratings summary and ratings history on Maxwell Technologies click here. For more ratings news on Maxwell Technologies click here.

Shares of Maxwell Technologies closed at $7.91 yesterday, with a 52 week range of $7.60-$21.49.

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