January 29, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Hoku Scientific (Nasdaq:HOKU) this morning, stating that its polysilicon plant is progressing but with uncertain financing he expects the stock will track the market. Hokursquo;s poly plant is being largely paid for by a series of pre-payments for long-term take-or-pay contracts from customers, an attractive strategy which can limit dilution and debt ndash; if the customers maintain their schedule on pre-payments. The problem is that poly prices have declined substantially from pre-negotiating pricing while mid-stream customers in the solar sector are facing project delays of their own, as well as tighter credit markets and this increases the risk to Hokursquo;s plan and ability to rely on pre-payments. Stone noted that Hokursquo;s second-largest customer (Solargiga) has defaulted on a pre-payment. Too much of this will cause delays in its progress to getting the poly plant completed and online. ...