Needham analyst N. Quinn Bolton initiated coverage of Advanced Energy with a Buy rating and $75 price target. The analyst sees the 13.5-times his expected forward earnings multiple on the stock undervaluing its potential given that its WFE and industrial peers trade at 14- to 16-times expected 2021 earnings estimates. Bolton further contends that Advanced Energy's core semiconductor revenue will outperform WFE like it did in the prior cycle, while its Artesyn embedded power business will "meaningfully" reduce its earnings volatility, attracting new investors.