A strong market-beating run over the past year hasn't done much to resolve the arguments about Advanced Energy Industries (NASDAQ:AEIS). Depending upon which sell-side analysts you follow, AEIS is either a deeply cyclical supplier to the semiconductor industry or an emerging growth story in solar power. As is often the case, the truth probably lies in between - the inverter business at AEIS has some very legitimate growth potential as solar power markets develop, but it will be a while before the growth of solar and the non-semiconductor applications for the thin films business can offset the inherent cyclicality of semiconductor capital equipment.
I'm not as bullish on AEIS now as I was in my September write-up,...
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