UPDATE: Wedbush Upgrades Exide Technologies to Neutral

Wedbush is out with its report today on Exide Technologies XIDE, upgrading XIDE to Neutral from Underperform. In its report, Wedbush writes, "Upgrading Exide to NEUTRAL from UNDERPERFORM on valuation. Shares of Exide are trading below book value of $5.11 and we see limited downside to current levels. While our estimates are well below consensus and guidance, we expect Exide to report a profitable FY12, and believe the company unlikely to report losses in FY13 without significant deterioration below our more cautious view." Wedbush lowers its PT to $6 from $7. Shares of XIDE closed Wednesday at $4.75.