In a report issued on July 5, Carter Driscoll from B.Riley FBR maintained a Hold rating on Amer Superconductor (NASDAQ: AMSC), with a price target of $7. The company’s shares opened today at $5.24.
Driscoll wrote:
“Settlement provides cash infusion. Superconductor (AMSC- Neutral, $7 PT) announced it had settled all its commercial disputes with former #1 customer, state-owned enterprise Sinovel Wind Group. AMSC will receive $57.5M in cash in two tranches. The first cash payment should be received today, July 5, for $32.5M. The second payment of $25M is due within ten months after the U.S. District Court (at which Sinovel was criminally convicted) renders the first sentence against Sinovel, which is expected to be tomorrow, July 6. The stock has sold off ~15% today, we believe, as expectations were likely for a higher cash payment.”
According to TipRanks.com, Driscoll has 0 stars on 0-5 star ranking scale with an average return of -6.3% and a 35.1% success rate. Driscoll covers the Industrial Goods sector, focusing on stocks such as Ballard Power Systems, Canadian Solar Inc, and Fuelcell Energy.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Amer Superconductor with a $7 average price target.
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Based on Amer Superconductor’s latest earnings release for the quarter ending March 31, the company reported a quarterly GAAP net loss of $6 million. In comparison, last year the company had a GAAP net loss of $15.25 million.
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American Superconductor Corp. is a provider of megawatt-scale solutions. It engages in generating the ideas, technologies and solutions that meet the demand for smarter, cleaner better energy. The firm operates through two segments: Wind and Grid.
