UBS Upgrades TPI Composites (TPIC) to Neutral

UBS analyst Jon Windham upgraded TPI Composites (NASDAQ: TPIC) from Sell to Neutral with a price target of $16.00 (from $20.00).

The analyst comments "We upgrade shares of TPIC from Sell to Neutral as we believe current valuation now reflects our view for prolonged demand & earnings weakness for TPIC's outsourced wind blade manufacturing operations. Shares are down 56% QTD, we think driven by 1) 3Q21 earnings miss & FY21 guidance cut 2) a subsequent decrease in 2021/22/23E consensus adj. EBITDA estimates by 57/53/28% respectively, and 3) equity dilution from the Series A preferred & common stock warrants issued to Oaktree. We decrease our PT by 20% to $16."

For an analyst ratings summary and ratings history on TPI Composites click here. For more ratings news on TPI Composites click here.

Shares of TPI Composites closed at $15.37 yesterday.

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