Piper Jaffray is also initiating coverage on American Superconductor (AMSC) today which has looked very bullish in recent weeks but getting a bit extended.  It’s up again today.  Piper is out with a Neutral rating and price  target of $22.

Analyst notes:

– company well positioned to benefit from govt mandates to grow wind energy in China
– customer concentration risk is significant with 67% of revenue from Sinovel in China
– China economic stimulus likely will favor wind
– state owned customers like Sinovel and CSR-Zelri more immune to economic downturn