Wedbush Downgrades Nexxus Lighting (NEXS) to Neutral; Slower Growth Plus Pending Litigation
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Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
0 Buy, 1 Hold, 0 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Wedbush downgraded Nexxus Lighting (NASDAQ: NEXS) from Outperform to Neutral.
Analyst, Craig Irwin, said, "Array LED sales growth is materializing at a much slower rate than expected and cash burn is likely to increase due to the recent Philips patent infringement case. Sell-through at Lowe's (NYSE: LOW) stores has not materialized, and management expects significantly lower revenues from Lowes in 2012. We expect litigation expenses required to defend the recent Philips patent infringement allegations to increase cash burn and the probable need for capital."
Wedbush lowers FY12 loss from (0.14) to (0.22) and revs from $16 mln to $11.5 mln.
For an analyst ratings summary and ratings history on Nexxus Lighting click here. For more ratings news on Nexxus Lighting click here.
Shares of Nexxus Lighting closed at $0.81 yesterday.
Analyst, Craig Irwin, said, "Array LED sales growth is materializing at a much slower rate than expected and cash burn is likely to increase due to the recent Philips patent infringement case. Sell-through at Lowe's (NYSE: LOW) stores has not materialized, and management expects significantly lower revenues from Lowes in 2012. We expect litigation expenses required to defend the recent Philips patent infringement allegations to increase cash burn and the probable need for capital."
Wedbush lowers FY12 loss from (0.14) to (0.22) and revs from $16 mln to $11.5 mln.
For an analyst ratings summary and ratings history on Nexxus Lighting click here. For more ratings news on Nexxus Lighting click here.
Shares of Nexxus Lighting closed at $0.81 yesterday.
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