Oppenheimer analyst Colin Rusch downgraded Ideal Power to Perform from Outperform citing uncertainty in the business model and about four quarters of cash burn remaining on the balance sheet. In a research note to investors, says he continues to believe Ideal Power has a compelling product in this area which could see traction and believes the company's bi-directional IGBT and B-TRAN technology are likely to prove key elements of EV/PHEV and charging station designs, but is stepping to the sidelines as the company goes through its strategic alternatives process.