November 20, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Suntechrsquo;s (NYSE:STP) Q3 financial results this morning noting that given the delayed ramp of Pluto and thin-film production, and outstanding GSF A/R exposure, he thinks shares are fairly valued. He maintains a NEUTRAL rating on the stock. Q3 Results Suntech (NYSE:STP) reported Q3 revenues of $473.1 million, compared with revenues of $594.4 million for the same period last year, and $320.9 million in Q209. Gross margins in Q3 were 17.7%, down from 18.5% in Q2, and 21.5% in Q308. Net income was $30,1, or $0.16 per diluted ADS, compared with $42.5 million for the same period last year and $9.6 million in Q208. Highlights for the quarter included hitting 16.53% conversion efficiency. Management increased its FY09 shipment target from 600MW to a range of 640MW to 660MW, and an increase in total cell and module production capacity to ...

November 20, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on Trina Solarrsquo;s (NYSE:TSL) Q3 financial results, noting that he sees 80%+ upside in the stock relative to the market in 12 months, reiterating an OUTPERFORM rating. Q3 Results Trina Solar reported a 14.1 Y/Y decline in Q3 revenues to $249.7 million, up 66.5% over Q2, on shipments of 122.6MW, compared with 66.4MW in Q308 and 63.8MW in Q209. Gross margin was 28.5% in Q3, compared with 22.4% in Q308 and 27.4% in Q209. Net income in Q3 was $40.1 million, or $1.29 per diluted ADS compared with $32.1 million for the same period last year, and $18.9 million in Q209. Net margin was 16.1% in Q309. Manufacturing costs for module production declined to about $0.82/watt. The companyrsquo;s cash and equivalent position as of September 30, 2009 was $384.9 million. In terms of guidance, management expects to ship ...

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;

April 30, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman and Cowenrsquo;s Rob Stone commented this morning on First Solarrsquo;s (Nasdaq:FSLR) results, each maintaining an OUTPERFORM rating on the stock, with Stone forecasting 30%+ upside potential vs. the market in 12 months and Bachman increasing his price target to $231, 25x his 2010 EPS estimate of $9.24. Financial ResultsFirst Solar (Nasdaq:FSLR) reported a 112% Y/Y increase in Q1 revenues to $418.2 million, and earnings of $164.6 million, or $1.99 per share, compared with earnings of $46.6 million, or $0.57 per share for the same period last year. Consensus expectations were for earnings of $1.50 per share. Stonersquo;s Comments middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Higher GM and lower cost per watt and a tax benefit drove Q1 results middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Co-investment in a large German project demonstrate the ability to catalyze market expansion, enhancing scale and capacity expansion middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Raised 2009E revenue to $1.9B on shipments of 943MW, ...

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 ...

March 20, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone maintained his NEUTRAL rating on China Sunergy (Nasdaq:CSUN) this morning, ldquo;based on tough comparables and limited visibility.rdquo; Financial ResultsYesterday, China Sunergy reported a 39.6% Y/Y increase in Q4 revenues to $43.2 million, on shipments of 14.1MW (production was 20.1MW) at $2.97 per watt, and a net loss of $26.7 million, or 0.42 per ADS. For the FY08, revenues increase Y/Y by 49.4% to $350.9 million, gross margin of 4.4%, and a net loss of $22.4 million, or $0.57 per ADS. Production for the year was 110MW of cells, and shipments were 107.2MW. nbsp;Blended ASP per watt for the year was $3.32. Management said while the first quarter hasnrsquo;t been encouraging for a near-term recovery, it expects an improvement over Q4. Stonersquo;s Takeawaysmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cutting FY09/10E revenue to $245M and $330M, with expected loss of $0.07/ADS and earnings of $0.58 ...

March 11, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman reiterated his UNDERPERFORM rating on SunPower (Nasdaq:SPWRA), leading with a recommendation to sell shares, citing SunPowerrsquo;s ldquo;failure to deliver on the technological aspect of its strategyrdquo;, while Cowenrsquo;s Rob Stone reiterated his OUTPERFORM rating, despite cutting 2009/10E revenue and EPS targets. Bachmanrsquo;s Takeaways: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Despite claiming diverse customer base, problematic weather in Germany and the recession in the US are negatively impacting performance, and since its reliance on its dealer network impedes revenue visibility further; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;No longer willing to pay a premium multiplerdquo; and ldquo;sees downside to $16rdquo; or about 12x FY09E EPS of $1.34. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks CFO comments about Germany and US are signals that Q1 results will disappoint ndash; ldquo;significantlyrdquo; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revisiting Jan 27 Downgrade where Bachman stated: technology and cost are broken, Street estimates are too optimistic and data proves out that thin-film (particularly First Solar) ...

March 11, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone weighed in on Comverge (Nasdaq:COMV) this morning, maintaining a NEUTRAL rating, cutting estimates on slower grown and lower margins in the residential and Camp;I segments. He noted that advanced metering infrastructure (AMI) programs may provide some upside to his model. Key Takeaways: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Company has about 2.6GW under management including long-term contracts for 866MW worth $522 million, and it responded to a record number of RFPs (14) in January worth about $500 million; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; While the stimulus billrsquo;s $4.5 billion to modernize the electric grid bodes well it will take a while for any impact to be seen before the Q4 2009 for Comvergersquo;s business; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Cut 2009-11E revenue to $92 million, $120 million and $150 million. AMI could add $10 to $15 million in 2010. Residential business is ramping slower, and the company is facing increasing competition ...

March 4, 2009 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Rob Stone weighed in on Trina Solarrsquo;s (NYSE:TSL) financial results reported yesterday, reiterating an OUTPERFORM, stating that the ldquo;shares will likely track the market near-termrdquo; but that at 0.5x book value, the stock looks pretty attractive. Trina closed at $6.51 yesterday. Financial Results Trina Solar reported 113.4% Y/Y revenue growth in Q4 to $216.3 million, gross margin of 9.6% and a net loss of $0.7 million, or $0.03 per ADS. Earnings were impacted by a non-cash inventory provision of $17 million. Solar module shipments were 57.59MW for the quarter, a Y/Y increase of 140.9%. For the FY08, it reported a 175.6% Y/Y increase in revenue to $831.9 million, gross margin of $19.8% and net income of $61.4 million, or $2.37 per ADS. Solar module shipments for the year were 201.01MW, a Y/Y increase of 164.8%. In terms of outlook for ...