Barclays Maintains an 'Equalweight' on Advanced Energy Industries (AEIS); Inverter Earnings Drag Becoming Evident

Barclays maintains an 'Equalweight' on Advanced Energy Industries (NASDAQ: AEIS) price target lowered $1 to $10.00.

Barclays analyst says, "Key Takeaways: 1) Management anticipates Thin Film sales to hover at or near Dec Q trough levels through 1H12; 2) inverter revenue growth has been relatively solid, with stable blended ASPs (though likely higher declines on a per product basis); 3) OMs for the inverter business were only ~1-2% in 2Q/3Q; 4) management is targeting $16-20M in annual savings after the restructuring plan is completed."

"Changes to Estimates: Factoring in the mixshift to inverters and a weaker outlook for Thin Film, we are lowering our CY12 estimates to $486M/$0.75 (street $555M/$1.12) and initiating CY13 estimates of $551M/$1.25 (street $547M/$1.18)."

For more ratings news on Advanced Energy Industries click here and for the rating history of Advanced Energy Industries click here.

Shares of Advanced Energy Industries closed at $9.01 yesterday.

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