UPDATE: H.C. Wainwright Downgrades Broadwind Energy (BWEN) to Neutral
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H.C. Wainwright analyst Amit Dayal downgraded Broadwind Energy (NASDAQ: BWEN) from Buy to Neutral.
The analyst comments "We are lowering our rating on Broadwind Inc., to Neutral from Buy, driven primarily by expected potential weakness in the company's near-term performance. On January 22, 2021, the company announced its preliminary 4Q20 revenues of $40M and non-GAAP adjusted-EBITDA range of $0.1-0.3M, compared to our expectations of ~$45M and ~$1.0M, respectively. We believe the lower outlook for 4Q20 revenues vs. our prior estimate is being driven by delays in tower delivery to a wind turbine customer and weakness in the Gearing segment. We are now expecting the delayed wind tower revenue to be recognized by early 2021. Similarly, the company guided for 1H21 revenues to range between $85.0M to $90.0M, a run rate tracking lower than our prior expectations for 2021 revenues of ~$211M. We are adjusting our 2020 and 2021 estimates to reflect this new outlook. Alongside revising our rating to Neutral, we are also removing our price target and projections beyond 2021. We expect to reintroduce our longer-term projections following the company's 1Q21 results, by which time we expect to have better visibility on the forward outlook."
Shares of Broadwind Energy closed at $11.65 yesterday.
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