UPDATE: Citi Comments on American Superconductor PT Decrease

Citi, which lowered its PT on shares of American Superconductor Corporation AMSC, is providing some color on the stock. “In announcing it will miss its 10-K filing deadline, AMSC lowered revs expectations yet again for the yet-to-be-annc'd March Q,” Citi writes. “Following its 4/5/11 neg pre that FY2010 (March '11) revs would be ‘less than $355 million' it now sees revs ‘materially' less than $355M. While undoubtedly, there will be more restatements, it also sets the stage that Sinovel-related revs for FQ4 could be close to zero, down from >$80M the prior Q and the neg pre implying something in the $10M range. Additionally it announced a 10% headcount reduction as it scrambles to conserve cash.” American Superconductor closed Tuesday at $10.69.