April 8, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone maintained his NEUTRAL rating on Ascent Solar (Nasdaq:ASTI) this morning, while cutting EPS estimates to reflect higher Capex/watt and a slower capacity ramp. He said he expects shares to track the market until volume production is nearer. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Production at its 1.5MW pilot plant began last month but product certification is likely not going to happen until year end (EIPV products may be sold without any certification). middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting EPS ndash; 2009E loss per share of $(0.84), with 2010-12 per share estimates at $(0.58) , $(0.30) and $0.37, modeling 2010-12 revenue of $47M, $110M and $210M, cutting GM to about 16%, 14% and 20% on higher depreciation. Could be significant downside to estimates without funding via an assumed equity offering, debt and warrant exercise. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Slower initial ramp will be offset y higher EIPV ASP. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 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 ...

January 30, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone commented on SunPowerrsquo;s Q4 and FY08 earnings reports, as well as its outlook. Earlier this week, Cowen noted that he expected the company to beat the Street, but to revise guidance downward due to the current economic environment. SunPowerrsquo;s results came in showing revenuenbsp; of $401 million and GAAP net income of $0.35 per share, higher gross margins to 29.9% and a cut in revenue guidance to a range of $1.6 to $2 billion.

SunPowerrsquo;s Financial Highlights:

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 79% Y/Y increase in Q4 revenue of $401 million
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 85% Y/Y increase in FY08 revenue of $1.43 billion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 506% Y/Y increase in Q4 GAAP net income of $29.5 million, or $0.35 per share fully diluted
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; 902% Y/Y increase in FY08 GAAP net income of $92.2 million, or $1.08 per share fully diluted
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; FY09 revenue guidance in a range of $1.6 to $2 billion
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; …