J.P. Morgan Downgrades Broadwind Energy

J.P. Morgan is downgrading Broadwind Energy, Inc. (NASDAQ: BWEN) to Neutral (from Overweight) following another disappointing set of results in C3Q10.

“While the stock would appear to have limited downside given its decline YTD, we believe a dearth of catalysts, low visibility on a recovery in natural gas prices, and risk of further weakening of an already-thin liquidity position will keep the stock in check for some time,” J.P. Morgan writes.

“With respect to C3Q10 results, Broadwind reported rev/PF EPS of $38.2mn/($0.07) or below our $43.0mn/($0.06) model with the miss driven by lower than expected product sales. Implied C4Q10 sales guidance of $50mn (at high-end) also missed our $55mn model.”

Broadwind Energy closed Friday at $1.93.