Zacks Investment Research downgraded shares of Maxwell Technologies, Inc. (MXWL) from OUTPERFORM to NEUTRAL on July 19, 2013, with a target price of $8.25.
We downgrade our recommendation on Maxwell Technologies Inc. to Neutral from Outperform based on its dependence on third parties for manufacturing and logistics operations, foreign currency risks and licensing law hurdles. In addition, the fear of being prohibited from the Nasdaq list owing to failure to comply with Nasdaq's listing rule could hurt Maxwell's industry position. However, the strong demand for hybrid electric buses has been helping the company to continue to grow. Going forward, we expect top-line growth to be driven by the expected increase in ultracapacitor sales through a production ramp-up for automotives, installation of ultracapacitor electrode fabrication lines, as well as its focus on improving its cost structure.
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