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Needham is out reiterating its Buy rating on American Superconductor (AMSC) and has a $40 price target.

Hat tip to Street Insider for the analyst comment: “Two separate announcements this week in AMSC’s fast-growing wind power business, and its long-term growth engine, the superconducting wire business, have increased our confidence in the company’s growth prospects. The announcement earlier this week of an initial order from Sinovel for a new 5MW wind turbine, while not a surprise, underscores the continued strong momentum at AMSC’s largest customer. Yesterday’s announcement with Korea’s LS Cable of an expansion of an existing superconductor power cable agreement points to Korea as a possible catalyst for AMSC’s HTS wire business over the 2012-2014 time frame…We believe the LS agreement has the potential to yield over $60M for AMSC over time.”

Shares of AMSC are up about 2% today.