Exide Technologies (XIDE) Downgraded to Underperform at Wedbush

Exide Technologies (XIDE) has been downgraded today by the securities research analysts at investment firm Wedbush which lowered their performance outlook of Exide from a “neutral” rating to “underperform.”  Wedbush also lowered their price target on XIDE  from $12 to $7 dollars.  XIDE gapped down during intraday trading posting the third highest day of volume within the past year.

Exide is slated to release their next earnings report on August 4th, 2011 and the current EPS consensus estimate is 3 cents.  Their last earnings report was released yesterday on June 1st, 2011 and announced negative EPS of 18 cents with revenue totaling $774 million which was up 8.4 % year to year.  XIDE is currently trading below its 50 & 200-day moving averages and 2011 is a down year for the company.

Exide Technologies is a global leader in stored electrical energy solutions, and one of the largest manufacturers and suppliers of lead-acid batteries for transportation and industrial applications in the world, with fiscal 2010 net sales of approximately $2.7 billion.  The company has market capitalization of $568,897,350 and 77,401,000 shares outstanding.  XIDE has a 52-week high of $12.68 with the low being $3.96 dollars.

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