November 11 nbsp;ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone commented this week on Energy Conversion Devicersquo;s Q1 2010 financial results, noting that given many quarters of projected losses, he expects the stock to trade well below book value. He rates the stock at NEUTRAL. Financial Results Energy Conversion Devices (Nasdaq:ENER) reported nbsp;Q1 2010 revenues of $42.9 million, compared with $95.8 million for the same period last year and $51.4 million for Q4 09. Solar product and projectnbsp; sales were $36.1, $89.5 and $46 million, respectively. It reported a net loss of $11.8 million, or $0.28 per diluted shares in Q1/10, compared with a net loss of $17.6 million in Q4 and net income of $11.8 million for the same period last year. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q1 revenue came in below the Street, cost/watt decined by about 6% sequentially to $1.76, with GM at $24.5%, but ASPs fell 13%. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects Q2 ...

August 28, 2009 ndash; Cowenrsquo;s Rob Stone downgraded Energy Conversion Devices (Nasdaq:ENER) to NEUTRAL from OUTPERFORM this morning, stating that near-term MW shipments lsquo;are even more depressed than we expected, providing little visibility on a steeply back-end loaded year.rsquo; He said that until there is evidence of renewed traction and profits, the stock is likely to remain range bound below 0.8x book. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The SIT deal adds expertise but little revenue until H2 ndash; modeling no systems revenue until Q3 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ASP pressure, higher expenses and restructuring likely yield losses until Q4:F10 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Large scale BIPV projects involving re-roofing or new construction appear to be more susceptible to push-outs than standard PV middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Q4 shipments declined about 18% Q/Q to 17MW with ASPs down 7% to $2.68 ndash; expects about 12% growth in Q1 with ASPs of $2.40. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling FY10 shipments at 135MW, ASPs down 27% and revenue of $340Mnbsp;

August 27, 2009 ndash; LDK Solar (NYSE:LDK) announced an agreement with Yancheng City of Jiangsu Province for the development of a number of PV projects (ground-mount, roof and BIPV) totaling up to 500MW over the next five years. And Canadian Solar (Nasdaq:CSIQ) said it has signed a LOI with the Administration Committee of Baotou National Rare Earth Hi-Tech Industrial Development Zone in Baotou, Inner Mongolia, for rights to design, install, operate and maintain a 500MW solar facilitynbsp; in Baotou. The three-phase project is expected to start in September 2009 and run through December 2011 (phase 1: 100MW; phase 2 and 3: 200MW). These announcements mark an important trend in the solar markets and one that we have been commentating on a lot lately ndash; the further move by midstream solar firms to vertically integrate downstream and even moving into operations of solar facilities. Cowenrsquo;s Raj Seth this morning commented on the ...

April 6, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone weighed in on the solar sector industryrsquo;s outlook this morning cutting estimates again across his solar coverage on further erosion in ASPs, noting that Q1 results could put some pressure on the group. As he noted, this shouldnrsquo;t be too much of a surprise to anyone, as prices have been on a steady decline over the past few quarters. Stone accordingly made adjustments on all companies he is following including: Key Takeaways: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Spot prices on poly have fallen to $80-$100/kg while wafers are about $1.20/watt. Module prices are $2.60 -$2.80, and Stone thinks prices could fall another 5% in Q2. Expect another round of inventory write-downs; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Climate Bill which could include a national renewable electricity standard of as much as 25% by 2025 could be a catalyst for solar, but it could take a while to ...

Renewable Energy Rollercoaster

Last year it would have been hard to imagine that the green energy movement would face so many obstacles so quickly. Oil prices were skyrocketing, almost $150 a barrel, and renewable energy start-ups were having money thrown at them.

Fast forward six months and we’re seeing numerous green power concerns, from solar, ethanol and wind, postponed or cut back. The interesting thing is, depending upon the day; you’ll get contradictory images on what the outlook for green energy is right now. Some days it’s up, and others it’s down.

It’s a roller coaster of information – some good, some bad.

But you would be mistaken to think that green power is flickering out. In fact, California added 500 megawatts of green power last year alone. That’s a 60% increase. What’s more, the biggest issues aren’t the power generators, but rather the power transmission. That’s

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February 5, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone weighed in this morning on Energy Conversion Devices (Nasdaq:ENER) maintaining an OUTPERFORM rating and Evergreen Solar (Nasdaq:ESLR) maintaining a NEUTRAL rating. Here are the key takeaways:

Energy Conversion Devices

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects Q2 results to meet or beat consensus, looking for Q209 EPS of $0.30 on revenue of $104 million, but also thinks management will guide lower for FY09. He is looking for FY09 EPS of $1.51 on revenue of $453 million. Managementrsquo;s prior range was $455 to $485 million.

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Last backlog check (Q1) was about $2 billion but visibility going forward will be more difficult

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expects further ASP pressure

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Potential on higher shipments is limited given current market conditions, but margins should improve on better capacity utilization economics

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Investor concerns will continue to be focused on oversupply and pricing pressure for competing c-Si PV products

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees 50% upside potential in …

January 12, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone weighed in this morning on Suntech (NYSE:STP), First Solar (Nasdaq:FSLR), Energy Conversion Devices (Nassaq:ENER), China Sunergy (Nasdaq:CSUN), Trina Solar (NYSE:TSL), SunPower (Nasdaq:SPRWA) and Evergreen Solar (Nasdaq:ESLR). The common theme to Stonersquo;s comments is lowering global demand and cutting estimates across his universe of solar coverage. Here are some of his key takeaways: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suntech ndash; lowering estimates, 2009/10E shipments to 630MW and 930MW (down from prior 750MW and 1,175MW); trimming ASPs to $3.05 and $2.75 respectively; reducing revenue targets; cutting gross margin and cutting EPS. Maintains OUTPERFORM. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; First Solar ndash; lowering estimates, 2009/10E shipments to 917MW and 1,365MW (down from prior 1,045 and 1,522); trimming 2010 ASPs to euro;1.39; reducing revenue targets and reducing EPS. Maintains OUTPERFORM. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Energy Conversion Devices ndash; lowering estimates, 2009/10E shipments of 146MW and 254MW (down from prior 151MW and 278MW); trimming ...

November 20, 2008 ndash; Analyst Notes ndash; Cowen amp; Companyrsquo;s Robert Stone issued comments this morning on Suntech (NYSE:STP) on the heels of its Q3 EPS miss by 21%. Stone said Suntechrsquo;s revenue is being hurt by steep ASP erosion due to the weaker euro, but added that the company has shifted to a capital preservation mode and liquidity should not be an issue. Other key takeaways: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes STP remains a long-term leader in PV middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Given uncertain outlook we may see further weakness in the stock (book value is $6.12) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Roughly half the comparable companies in the midstream solar space are trading at 1.1x book or below Midstream Solar Comparables (as of yesterdayrsquo;s close) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; First Solar (Nasdaq:FSLR) trading at 6x book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Ersol Solar (ES6.DE) trading at 4.2x book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPower (Nasdaq:SPWRA) trading at 2.1x book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; REC (REC.OL) trading at 1.8x book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; LDK (NYSE:LDK) trading at 1.6x book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Energy Conversion ...

November 7, 2008 – Analyst Notes – This morning Cowen & Company’s Rob Stone noted on Energy Conversion Devices (Nasdaq:ENER) that he expects Q1:09 EPS to meet or beat estimates, and sees 60%+ upside versus the market in 12 months, reiterating his outperform on the stock. Other notes: ·         ENER’s BIPV laminate is a differentiated application ·         ENER has consistently executed vs. conservative guidance ·         The balance of FY09 is covered by fixed price, take-or-pay contracts all in USD Stone’s conclusion is that he thinks ENER is one of the PV stocks investors should focus on in the current market, offering a unique product, with specialized channel partners that provides a lower installed cost, higher energy yield, better integration with roofing material and higher subsidies. He also expects margin expansion on higher scale and lower material costs and that capacity expansion is fully funded through FY2010. Other analysts have made the following ...

October 28, 2008 –Energy Conversion Devices (Nasdaq:ENER) has been one of the best performers, year-to-date amongst all of the solar companies. Even at yesterday’s $28.05 closing price, which puts it down 17% year-to-date, it still is. But the stock has pulled back remarkably from the $70 level which it was trading at in September, and the question is whether the stock is oversold, or if there is still more room to the downside.  ENER is a leading manufacturer of thin-film solar laminates that are flexible and durable, targeted at the commercial rooftop and building integrated PV (“BIPV”) markets. The business is in the process of expansion of production capacity to 1GW by 2012, from 118MW nameplate capacity at present. Highlights from most recent financial report   ·         Reported Q4 revenues of $82.4 million, up 18% sequentially from $70 million, and 129% Y/Y. Solar product revenues were $77 million, up 19% sequentially and 161% ...