Friday’s Analyst Roundup: AIXG, RBCN, ENOC, BWA, MXWL

It’s always a real challenge to keep up during earnings season and I burned out a bit by Friday.  I’ve got a bit of catching up to do today and I start with Friday’s analyst alerts.  Hat tip to Street Insider for the analyst comments.

A couple calls on Rubicon Technology (RBCN), the emerging LED play, following its earnings report last week…

Canaccord Adams reiterated a Buy and raised the price target from $30 to $35.

UBS reiterated its Buy rating and raised price target from $33 to $36.  FY10 EPS estimate increased from $0.33 to $0.52 and FY11 from $1.10 to $1.20.

===> Click Here For Your FREE Rubicon Analysis

Canaccord Adams issued a new call on another LED play as well by downgrading Germany’s Axitron (AIXG) from Buy to Hold and slashed the price target from $40 to $26.  The firm said, “The company’s lack of visibility into 2011, a relative slowdown in the growth of its order book to a possible decline and at best a flat 2011 raises the risk profile of the shares.”

===> Click Here For Your FREE Aixtron Analysis

They didn’t stop at LED’s.  Canaccord is bullish on EnerNOC (ENOC) ahead of its earnings report Wednesday, reiterating its Buy rating with a $40 price target.  The firm said, “We model revenues/GAAP earnings per share of $26.0M/$(0.70) vs. the Street at $26.0M/$(0.69) and guidance of $24-$26M/$(0.70) – $(0.76)…Impact Expected positive. All in, we find more investor focus centered upon Q1 MW additions and the PJM auction May 14 vs. actual quarterly results…Not surprisingly, our Q1 checks suggest a strong MW bookings performance (i.e., 650 MWs added in Q1/09), as EnerNOC focuses on building out its portfolio to meet PJM obligations during the June-Sept. performance period. We find margins holding firm, as the company’s scale, technology platform and track record continue to resonate with both utility and end-customers.”

===> Click Here For Your FREE EnerNOC Analysis

Maxwell Technologies (MXWL) reported earnings last week which I will have a report on at some point today.  Both Needham & Ardour Capital are bullish for the most part following the earnings report.

Needham maintained its Buy rating, but is less optimistic slashing the price target from $25 to $15.  The firm said, “With a strong improvement in Ultracap profitability, gross margins increased to 38.4% from 33.7% in Q4 and better than expected due to higher volumes and the production shift to China. MXWL continues to see a wide range of market opportunities developing that will further broaden its customer base. We expect ultracapacitor volumes to increase steadily throughout 2010 and 2011 as the automotive sector should begin to ramp later this year and the wind, bus/truck, and back-up power markets continue to grow. Wind remains an especially strong sector for the company. However with the high tension and microelectronics sectors weaker than expected (both have higher GM) along with higher op. exp. we have cut our 2010/2011 EPS est. significantly.”

===> Click Here For Your FREE Maxwell Technologies Analysis

Ardour Capital upgraded Maxwell from Accumulate to Buy and has a $17.50 price target.

UBS maintained its Neutral rating Borg Warner (BWA), but raised its price target from $38 to $48 following the strong earnings report.  They are raising their 2010 EPS estimates from $1.70 to $2.40 and 2011 from $2.75 to $3.20.

It’s wasn’t all bullish Friday.  The biggest surprise so far this earnings season was the big EPS miss from MEMC Electronic Materials (WFR)Ardour Capital downgraded the stock from Hold to Reduce, but did maintain the $12 price target.

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