Cowen’s Rob Stone Maintains NEUTRAL on Evergreen Solar (Nasdaq:ESLR) Ahead of Report
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/ul0gTjoBvMs/Posted on Wednesday, November 4th, 2009 | In Investing Lessons, Small & Micro Cap
November 4, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone weighed in this morning on Evergreen Solar (Nasdaq:ESLR) noting that the company may report a narrower loss than he had modeled, citing strong demand in Europenbsp; and possible upside to shipments. He maintains a NEUTRAL rating on the stock.
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Still sees pressure on ASPs in 2010 which may make conversion costs uncompetitive ($1.65 at Devens and $1.17 at Wuhan while vertically integrated competitors in China are close to $0.80)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Targeting cost/watt of $2 in Devens (Q4:09 if fully ramped) and $1.50 in Wuhan (by year-end 2010); long-term cost/watt target of $1 in 2012
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees potential upside to model of $.10 loss on $73.8M in revenue due to better results at Sovello
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes risk/reward remains unfavorable and maintains a NEUTRAL rating on the stock
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