Friday, December 3, 2010

Co-Bookrunner on Recent Offering (Jeffries) Says Nice Things About American Superconductor (AMSC)

Deutsche, Morgan Stanley and Jefferies & Company, Inc. acted as lead book-running managers for the 4.6 million share offering priced at $35.50 on Nov. 10. Here's the book.
The stock has not traded above the offering price since then, here's the 1-month chart from BigCharts:

There is a 30-day over-allotment option on 690,000 shares that expires next week.
Here's what Jefferies is saying, via Benzinga:

Jefferies & Co. has a Buy rating and a $41 price target on American Superconductor Corporation  (NASDAQ: AMSC)

In a note sent to clients, Jefferies writes, "The old target established in 2007 was 30GW by 2020. China exceeded its previous target in 2010 and we estimate the current installed capacity is ~42GW. The focus will be large size wind farms in Northwest China, North China, and Northeast China. We believe American Superconductor is the best play for the Chinese wind sector because its largest customer Sinovel is No. 1 in China with increasing domestic shares and will likely expand its presence in oversea markets."
Shares of AMSC lost 22 cents yesterday to close at $33.46, a loss of 0.65%.
No changes in rating or price target, just getting the name out there.