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Piper Jaffray Reiterates Overweight On American Superconductor (AMSC)
Piper Jaffray is out reiterating its Overweight rating on American Superconductor (AMSC) this morning with a price target of $45.
Hat tip to StreetInsider.com for the following analyst comment:
“We reiterate our Overweight rating on increased visibility into China wind growth. Using a sum of the parts valuation, we value the AMSC Power Systems business at $44, based on ~34x our CY2010 segment GAAP EPS estimate of $1.30 (from $1.29) a premium with the leading wind peer multiple of ~23x given its higher growth and margin. Also, AMSC is essentially insulated from the credit crisis affecting the European and North American wind industry and is not at risk of delayed US stimulus spending. We value Superconductors business at $1, based on EV of ~4x CY10 segment revenue of $9.2M given the strategic value and long term potential.”
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