Jefferies Lowers PT On AMSC To $6

Jefferies, citing major restatements, has significantly lowered its price target on American Superconductor AMSC from $16 to $6. According to Jefferies, “On Mon. 7/11 after the close AMSC revealed it is restating revenues for the F2Q10 (Sept. 2010) and F3Q10 (Dec. 2010) quarters due to unpaid shipments. Additionally no shipments were made to or payments received from Sinovel in F1Q11 (Jun. 2011). We consider the stock to be uninvestable given the lack of reliable financial statements and no resolution from Sinovel. We maintain our Underperform rating and lower the PT to $6.” As mentioned above, Jefferies maintains its Underperform rating on the stock. AMSC closed at $8.53 yesterday.