Goldman Sachs Neutral On Advanced Energy Industries

Goldman Sachs has a Neutral rating and a $14 price target on shares of Advanced Energy Industries, Inc. AEIS, as the company pre-announced guidance. In a note to clients, Goldman writes, "Advanced Energy negatively revised its 2Q11 guidance as panel price declines are leading to project delays in its solar inverter business. The semi equipment business is tracking in line with the company's guidance for slower 2Q11 sales. Management now estimates revenues will be between $137 and $140 mn (flat to +2% qoq), compared to its prior outlook of $148 to $160 mn (+8% to +16% qoq). In addition, the company expects EPS to be at or slightly below the low end of its prior outlook of $0.36 to $0.44. We are reducing our CY11/CY12 EPS estimates to $1.55/$1.30 from $1.70/$1.35 on lower sales. Our CY13 EPS remains $1.15." Shares of AEIS are down $1.86 to $13.16, a loss of 12.4%.