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AMSC

AMSC

$7.08

-0.3 (-4.07%)

20:04
07/03/18
07/03
20:04
07/03/18
20:04

AMSC to receive $57.5M in settlement with Sinovel Wind Group

AMSC announced that it and Sinovel Wind Group Co. have entered into a settlement agreement to resolve all existing commercial disputes between the parties. Under the terms of the settlement agreement, Sinovel has agreed to pay AMSC an aggregate cash amount of $57.5M, consisting of two installments. Sinovel has agreed to pay AMSC the first installment of $32.5M by July 5, and has agreed to pay AMSC the second installment of $25M within 10 months after the U.S. District Court delivers the first sentence against Sinovel, which is expected to occur on July 6. Wenyuan Wei, former Sinovel chairman and a current Sinovel shareholder, has delivered a letter of guarantee to AMSC for the second payment should Sinovel fail to make such payment by the second payment due date. In addition, pursuant to the terms of the settlement agreement, AMSC and its wholly-owned Austrian subsidiary, AMSC Austria GmbH, have granted Sinovel a non-exclusive license for certain AMSC intellectual property to be used solely in Sinovel's doubly fed wind turbines. In the event that Sinovel or Mr. Wei does not make the second payment by the due date, the agreement provides that the non-exclusive license will terminate. AMSC and Sinovel have also agreed to submit withdrawal applications to terminate the various legal proceedings between them, with the right to re-file, to the relevant Chinese courts and the Beijing Arbitration Commission. In addition, AMSC and Sinovel have agreed to a mutual release covering all subject matters of the commercial disputes, effective upon the completion of the second payment.

AMSC AMSC
$7.08

-0.3 (-4.07%)

01/26/18
ROTH
01/26/18
NO CHANGE
Target $10
ROTH
Buy
AMSC could benefit if U.S. uses leverage to help in China, says Roth Capital
Roth Capital analyst Philip Shen noted that Sinovel was convicted by a federal jury for conspiracy, theft, and fraud, but he pointed out that the DOJ, not AMSC, would be the beneficiary of up to $4.8B in fines from Sinovel related to the ruling and that the timeline for AMSC to see results could be lengthy. AMSC, which is seeking $1.2B in damages in Chinese courts, could benefit if the Trump Administration uses this jury ruling as leverage for AMSC's case in China, added Shen. He keeps a Buy rating and $10 price target on AMSC shares.
12/06/17
ROTH
12/06/17
NO CHANGE
ROTH
Tax bill could put 'BEAT' down on U.S. renewables, says Roth Capital
Roth Capital analyst Philip Shen believes the Senate Tax Cuts and Jobs Act includes multiple elements that could negatively affect renewable tax equity capacity, such as a cut in the corporate rate from 35% to 20%, the passage of the Base Erosion Anti-Abuse Tax, or BEAT, without exemptions for solar/wind credits, and a reduction in the number of years the product tax credit could be claimed from 10 down to four years. Near-term, the analyst believes that continued negotiations on the Hill could cause increased volatility for his universe of stocks with direct or indirect exposure to the U.S. solar and wind markets, such as AMSC (AMSC), Broadwind Energy (BWEN), 8point3 Energy (CAFD), Canadian Solar (CSIQ), Daqo New Energy (DQ), Enphase Energy (ENPH), First Solar (FSLR), Hannon Armstrong (HASI), Hanwah Q CELLS (HQCL), JA Solar (JASO), JinkoSolar (JKS), SolarEdge (SEDG), Sky Solar (SKYS), ReneSola (SOL), Sunworks (SUNW), and TPI Composites (TPIC).
07/21/17
07/21/17
DOWNGRADE
Target $6

Market Perform
AMSC downgraded to Market Perform from Outperform at FBR Capital
FBR Capital analyst Carter Driscoll downgraded AMSC to Market Perform and lowered his price target for the shares to $6 from $9. The analyst sees risk to near-term wind growth.

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CYDY

CytoDyn

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ABT

Abbott

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SFUN

Fang Holdings

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TS

Tenaris

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PAAS

Pan American Silver

$14.17

-0.31 (-2.14%)

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CRWS

Crown Crafts

$5.68

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AL

Air Lease

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UTSI

UTStarcom

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VRTX

Vertex

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THO

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PLWTY

Panalpina

$0.00

(0.00%)

08:44
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Downgrade
Panalpina rating change at Jefferies »

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EFGSY

Eiffage

$0.00

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Eiffage rating change at Barclays »

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TVFCF

Television Francaise 1

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Downgrade
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ATVDY

Atresmedia

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TDPAY

Tod's

$0.00

(0.00%)

08:36
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Downgrade
Tod's rating change at Citi »

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