Needham & Company Downgrades Advanced Energy Industries (AEIS) to Hold
- Apple (AAPL) Tops Q4 EPS by 11c; Issues Solid Outlook
- Unusual 11 Mid-Day Movers 10/21: (LIVE) (ZAZA) (HSTM) Higher; (RNO) (BBLU) (MNGA) Lower
- The Coca Cola Company (KO) Reports In-Line Q3 EPS
- ECB Floats Corporate Bond Buying 'Trial Ballon'
- Pre-Open Stock Movers 10/21: (NEON) (ILMN) (HOG) (AAPL) Higher; (RNO) (KO) (MCD) Lower (more...)
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: UBS Downgrades Westar Energy (WR) to Neutral
- Jefferies Downgrades HCP (HCP) to Hold
- UPDATE: Citi Starts Twitter, Inc. (TWTR) at Neutral; Analyst Prefers Facebook (FB)
Create E-mail Alert Related CategoriesAnalyst Comments, Downgrades
Related EntitiesNeedham & Company, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!