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American Superconductor (AMSC)

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American Superconductor Corporation (AMSC) is a technology company with products based on clean energy and power distribution. The two primary markets it serves are the rapidly growing areas of wind energy and smart grid infrastructure technology.

A strong backlog of $952 million, a solid financial position, the recent acquisition of Blade Dynamics and growing international operations all add visibility to the growth story of American Superconductor.

In the near-term, the stock is trading at a handsome valuation compared to peers and we believe the company's premium valuation is justified given its strong Chinese exposure. Thus we upgrade our recommendation to Outperform with a target price of $37.00.

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