December 10, 2008 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Robert Stone weighed in this morning on several solar companies including Hoku Scientific (Nasdaq:HOKU), Evergreen Solar (Nasdaq:ESLR) and Ascent Solar Technologies (Nasdaq:ASTI), downgrading each of the stocks to NEUTRAL. Here are his takeaways:

Hoku (reduced from OUTPERFORM to NEUTRAL)

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Prepayment delays and potential difficulty obtaining additional financing in 2009 may slow startup of poly plant;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut FY09, FY10 and FY11 revenue and earnings estimates based on slower ramp, lower ASPs and reduced GMs;

Evergreen Solar (reduced from OUTPERFORM to NEUTRAL)

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Uncertainty in the PV market increases Evergreenrsquo;s execution risk in its capacity ramps;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Concerns about increased expenses in the current environment which Evergreen will need to launch its string-ribbon technology;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Further capitalization in 2009 is going to be tough;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut FY09 modeling lower ASPs and reduced GMs;

Ascent Solar (reduced from OUTPERFORM to NEUTRAL)

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Weaker Euro lowers ASP and margin assumptions;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Funding capacity expansion will be more difficult in current environment;

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Widened expected losses for FY08/09, lowered revenue for FY10/11/12 on ASPs, lowered BIPV estimates and gross margins

Other analysts targets on these stocks:

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HOKU: Adour Capital rates HOLD with $3 price target (11/20/08)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HOKU: AmTechResearch rates BUY with $6.50 price target (10/10/08).
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HOKU: Broadpoint Capital rates BUY (9/17/08). Broadpoint previously recommended at HOLD (6/24/08);

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: JP Morgan rates UNDERWEIGHT (11/18/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: UBS downgrades to NEUTRAL (10/28/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Stanford Research rates BUY with $6 price target (10/17/08); Stanford previously rated at BUY with $12.50 price target;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Wedbush Morgan rates at HOLD with $5 price target (10/17/08); Wedbush previously rated at BUY (7/18/08); HOLD with $13 price target (6/20/08); $11 price target (4/21/08); and $13.50 price target (1/23/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: RBC rates at HOLD (9/24/08); RBC had previously rated at SELL with $9 price target (1/31/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Ardour rates at BUY with price target of $9 (9/17/08)
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Citigroup rates at HOLD (9/17/08); Citigroup had previously rated at SELL with $8 price target (5/9/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Caris amp; Company rates ABOVE AVERAGE with $8 price target (9/16/08). Caris previously rated ABOVE AVERAGE with $11 price target (8/11/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ESLR: Janco rates at BUY with $12 price target (7/22/08). Janco had previously rated at BUY with $16 price target (1/29/08);

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASTI: Wedbush Morgan rates at HOLD with $3 price target (12/3/08). Wedbush had previously rated at HOLD with $5.50 price target (10/7/08);
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASTI: JP Morgan rates at SELL (11/18/08). JP Morgan had previously rated at HOLD (7/15/08).
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASTI: Ardour Capital rates at BUY with $8 price target (11/13/08). Ardour had previously rated at BUY with $15 price target (6/4/08).
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASTI: Cantor Fitzgerald rates at HOLD with $4.25 price target (10/29/08).
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASTI: Janco rates at BUY with $17 price target (6/12/08).
pa href=”http://feeds.feedburner.com/~a/smallcappulse/feed?a=Hxxbhj”img src=”http://feeds.feedburner.com/~a/smallcappulse/feed?i=Hxxbhj” border=”0″/img/a/p

Last 5 posts by Small Cap Pulse

• Cowen’s Stone Maintains Suntech (NYSE:STP) at NEUTRAL on Q3 Earnings Report - November 20th, 2009
• Cowen’s Stone Comments on Trina Solar (NYSE:TSL) Q3 Earnings - Maintains OUTPERFORM - November 20th, 2009
• Cowen’s Stone Raises Estimates on China Sunergy (Nasdaq:CSUN) - Maintains NEUTRAL - November 19th, 2009
• Bachman Says First Solar (Nasdaq:FSLR) Defects Reported in PHOTON Not an Issue - November 18th, 2009
• Cowen’s Stone Comments on SunPower (Nasdaq:SPWRA) Investigation - Maintains OUTPERFORM - November 17th, 2009