Brighter reviews for Advanced Energy
The Fort Collins-based solar inverter and thin-films company’s stock recently hit a 52-week high of $16.45 despite lower earnings of $20.6 million in 2012 vs. $36.3 million in 2011.
But that didn’t stop Citigroup from initiating coverage of AE with a recommendation that investors buy the stock.
Increased interest in the company comes in the second year of a three-year restructuring in which Advanced Energy hopes to save $55 million annually through jobs cuts and outsourcing.
Things have looked up for the company. Among various developments:
• It announced a $50 million, five-year credit agreement with Wells Fargo in October. The credit line can be raised by $25 million for a total of $75 million subject to lender commitments and other conditions.
• It grew in November after acquiring Solvix SA, a privately-held Swiss thin-films company.
Still, why all the fuss about Advanced Energy, especially at a time when solar energy’s fortunes seem dim?
“They’re well on-track with their
More breaking news...
RMCIT would get $1.15M in upgrades
Tech companies vie in Monfort Challenge