UPDATE: DA Davidson Downgrades Advanced Energy Industries (AEIS) to Neutral

(updated to add analyst comment)

DA Davidson analyst Thomas Diffely downgraded Advanced Energy Industries (NASDAQ: AEIS) from Buy to Neutral with a price target of $55.00 (from $60.00).

The analyst comments "We are downgrading AEIS from Buy to NEUTRAL as part of our broader downgrade of the Semiconductor Capital Equipment group. Based largely on a delayed memory recovery, we are trimming AEIS's model through calendar 2020 (out year EPS falls from $4.00 to $3.50) and are using a fairly conservative 13x CY20 EPS to reflect cycle uncertainty (and the ~29% appreciation in the stock YTD). As a result, we have reduced our price target to $55 (from $60) and believe with limited upside from the current stock price the risk-reward profile is fairly balanced at this time."

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 $55.29 yesterday.

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