Cowen Cuts Price Target on Maxwell Technologies (MXWL) Following 2Q Results

Cowen maintained an Outperform rating on Maxwell Technologies (NASDAQ: MXWL), and cut the price target to $7.00 (from $9.00), following 2Q15 results. Maxwell reported revenues of $37.8mn, slightly above consensus estimates of $37.4mn. Non-GAAP EPS was ($0.11), above the Street's estimate of ($0.18).

Analyst Jeffrey Osborne commented, "Maxwell announced its plans to restructure by consolidating U.S. manufacturing, cutting headcount, and reducing opex. The company is also seeking to divest its microelectronics business. Guidance was maintained, but predicated on the China bus business which has been hard to predict. Heading into `17/`18 we believe the business could accelerate as the company capitalizes on new applications."

For an analyst ratings summary and ratings history on Maxwell Technologies click here. For more ratings news on Maxwell Technologies click here.

Shares of Maxwell Technologies closed at $4.25 yesterday.

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