Akeena (Nasdaq:AKNS) Lowers Guidance for FY2008, Global Hunter’s Cable Maintains NEUTRAL rating
Source: http://feeds.feedburner.com/~r/smallcappulse/feed/~3/486850978/Posted on Tuesday, December 16th, 2008 | In Small & Micro Cap
December 16, 2008 ndash; Analyst Comments ndash; Global Hunterrsquo;s Justin Cable weighed in today on Akeena Solar (Nasdaq:AKNS) a downstream solar company whose stock has been battered in recent months on concerns about widening losses and slowdown in solar project spending in the midst of the current recessionary environment. Cable maintained his NEUTRAL rating, and his previously lowered his price target of $2.50 (Cable had lowered his target on AKNS from $5 to $2.50 back on November 7).
Akeena this morning issued revised guidance for FY2008 lowering its estimated Y/Y revenue growth to a range of 25% to 30% from 30% to 40%, citing delays in installations on a few of its larger commercial projects. Cable noted that he had already been assuming 30% growth in his revised estimates, which is the basis for his maintaining existing targets, but also noted that he advises staying on the sideline until the business shows more progress on getting to breakeven cash flow.
As it stands, at $1.75 this morning, the stock is holding a $52 million market cap, about 1.23x this yearrsquo;s sales, assuming 30% Y/Y growth.
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