Exide Technologies (XIDE) Recovers on Analyst Comments, New Advisor

April 5, 2013 9:00 AM EDT
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Price: $0.17 --0%

Rating Summary:
    1 Buy, 5 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 17 | Down: 13 | New: 41
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Wedbush today maintained an Outperform rating on Exide Technologies (NASDAQ: XIDE) with a price target of $6.00. Analyst Craig Irwin called media reports suggesting Exide had failed to refinance its $55.8 million in outstanding convertible notes "poorly sourced".

"Given the convertible notes are due September 18th, 2013 and the company has consistently said it plans to repay the notes out of available liquidity (not refinance) we believe the statements were aggressive, premature, and inconsistent with company communications. The balance of the company's outstanding debt does not come due until 2018," said the analyst.

Exide announced yesterday evening that Lazard has been retained to advise the company, replacing Deutsche Bank.

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

Shares of Exide Technologies closed at $1.37 yesterday.

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