Cowen’s Stone Maintains Energy Conversion Devices (Nasdaq:ENER) at OUTPERFORM
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/axZTC-VVzwc/Posted on Wednesday, May 13th, 2009 | In Market Commentary, Small & Micro Cap
May 12, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented this morning on Energy Conversion Devicesrsquo; (Nasdaq:ENER) earnings report yesterday, maintaining an OUTPERFORM rating on the stock, stating that ldquo;we have a positive 12-month view, but the stock likely trades near book value ($15) near term.rdquo;
Key Takeaways:
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting estimates on lower volume, projecting Q4:09 loss per share of $0.08 on revenue of $65.4 million, expect flat shipments of about 21MW, cut F10/11E revenue to $402 million and $677 million based on lower shipments of 153MW and 289MW
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Continue to model erosion of about 15% and 10% for ASPs, noting that there could be further downside
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Said joint project with Enfinity makes sense
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Price competition with conventional modules remains a concern but certain applications favor ENER
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating
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