Brean Murray Carret & Co. Downgrades American Superconductor (AMSC) to Hold; Lowers Estimates of Sinovel Delays

Brean Murray Carret & Co. downgraded American Superconductor (NASDAQ: AMSC) from Buy to Hold.

Brean analyst says, "In a surprise press release on April 5, AMSC announced that Sinovel, its largest customer had refused to accept contracted shipments of AMSC's 1.5 megawatt and 3 megawatt wind turbine core electrical components and parts...Technically, Sinovel is in breach of its contract with AMSC and we believe AMSC has legal recourse at its disposal...In reponse, we have lowered our Q4 and FY10 revenue target to $41 million and $354 million, respectively, and our EPS estimates to a loss of $0.05 and positive $0.95, respectively."

For more ratings news on American Superconductor click here and for the rating history of American Superconductor click here.

Shares of American Superconductor closed at $24.88 yesterday.

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