Advanced Energy Industries (AEIS) CFO Hire Removes an Overhang, Needham & Company Says

Needham & Company analyst Y. Edwin Mok reiterated a Buy rating and $31 price target on Advanced Energy Industries (NASDAQ: AEIS) saying the CFO hire removes an overhang on the stock.

Mok commented, "AEIS announced that Tom Liguori, CFO at MFLX (Buy), will join the company as CFO effective May 18. We believe this announcement removes an overhang on the stock in regards to management changes at the company. Beyond the upcoming 1Q15 earnings report, the next near-term catalyst for the stock would be an announcement of the company's exit from the solar business. While we believe investors already anticipate such a move, we see additional opportunities for AEIS to drive earnings growth with the sale of the solar inverter business. Longer term, we believe management's execution on growth initiatives in industrial markets will ultimately drive the share price to our PT of $31, with the potential for the stock to move even higher."

For an analyst ratings summary and ratings history on Advanced Energy Industries click here. For more ratings news on Advanced Energy Industries click here.

Shares of Advanced Energy Industries closed at $25.30 yesterday.

You May Also Be Interested In

• MarineMax (HZO) PT Lowered to $35 at Stifel
• Universal Logistics Holdings, Inc. (ULH) Tops Q1 EPS by 136c
• Northeast Community Bancorp, Inc. (NECB) Tops Q1 EPS by 12c