Analyst Comments – Cowen’s Robert Stone Weighs in on Solar Stocks
Small Cap Pulse (December 10th, 2008) Writes:
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 ...
Tags for this Post:
Adour Capital;, Ardour Capital, Ascent Solar Technologies;, ASP, Broadpoint Capital;, Citigroup, Evergreen Solar, HOKU Scientific, JP-Morgan, Robert Stone, Robert Stone Weighs;, Small & Micro Cap, small cap pulse, Stanford, string ribbon technology, string-ribbon ;, UBS, USD, Wedbush Morgan
Adour Capital;, Ardour Capital, Ascent Solar Technologies;, ASP, Broadpoint Capital;, Citigroup, Evergreen Solar, HOKU Scientific, JP-Morgan, Robert Stone, Robert Stone Weighs;, Small & Micro Cap, small cap pulse, Stanford, string ribbon technology, string-ribbon ;, UBS, USD, Wedbush Morgan


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