Advanced Energy price target raised to $130 from $125 at KeyBanc

KeyBanc analyst Steve Barger raised the firm’s price target on Advanced Energy to $130 from $125 and keeps an Overweight rating on the shares. The firm thinks conditions for Advanced Energy are at or near trough and the second half of the year may be up slightly from the first half; it does not see an immediate catalyst for upward inflection. KeyBanc continues to think it has a sizable opportunity for market share in its Industrial & Medical segment, and we expect it is focused on improving its distributor relationships even as it targets higher margin opportunities where it can be a sole source supplier.