Fly News Breaks for November 8, 2019
Nov 8, 2019 | 09:12 EDT
Roth Capital analyst Philip Shen downgraded TPI Composites to Neutral from Buy with a price target of $16, down from $28. The company delivered a "mixed" Q3, but "effectively removed" its 2020 guidance until it has better visibility, noted Shen, who added that getting clarity on the impact of the much faster than expected transitions on the company's economics has taken much longer than originally anticipated. Turbine manufacturers seem to be in a "technology arms race" with rapid product introductions and consequently more frequent blade model changes and Shen does not see "the light at the end of the tunnel" yet, he added.
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