UPDATE - Canaccord Genuity Downgraded Maxwell Technologies (MXWL) to Hold; Shares Appear Fully Valued on Lower Growth Assumptions

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UPDATE - Canaccord Genuity downgraded Maxwell Technologies (NASDAQ: MXWL) from Buy to Hold, price target lowered from $24 to $14.

Analyst, Jonathan Dorsheimer, said, "Maxwell missed slightly our and consensus estimates for Q1 and also lowered its full year implied guidance...The company cites the general European slowdown and push outs in China’s hybrid bus program for the revision...Maxwell’s ultracapacitor results also remain hampered by the prolonged slowdown in China’s wind market."

"Our numbers came down on a lower ultracapacitor growth rate. While numbers are being tempered, we feel a 20x multiple is justified as we are still expecting a respectable high-teens growth rate over the next 2 years."

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