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 ...

November 4, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Robert Stone weighed in this morning on Evergreen Solar (Nasdaq:ESLR) noting that the company may report a narrower loss than he had modeled, citing strong demand in Europenbsp; and possible upside to shipments. He maintains a NEUTRAL rating on the stock. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Still sees pressure on ASPs in 2010 which may make conversion costs uncompetitive ($1.65 at Devens and $1.17 at Wuhan while vertically integrated competitors in China are close to $0.80) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Targeting cost/watt of $2 in Devens (Q4:09 if fully ramped) and $1.50 in Wuhan (by year-end 2010); long-term cost/watt target of $1 in 2012 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees potential upside to model of $.10 loss on $73.8M in revenue due to better results at Sovello middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes risk/reward remains unfavorable and maintains a NEUTRAL rating on the stock

October 29, 2009 ndash; First Solar (Nasdaq:FSLR) is getting hammered this morning after reporting Q3 results yesterday after the close. The company reported revenues of $480.9 million, compared with $525.9 million in Q2 and $348.7 million for the same period last year. Net income was $153.3 million, or $1.79 per share,nbsp; compared with $180.6 million in Q2 and $99.3 million for the same period last year. Management said it expects full year fiscal 2009 revenue at the updated guidance range of $1.975 to $2.025 billion, which is at the high end of the previously provided guidance range. Amongst analysts weighing in on First Solarrsquo;s report, are Pacific Crestrsquo;s Mark Bachman and Cowenrsquo;s Robert Stone. Bachmanrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Revenue miss was due to lack of module sales ldquo;despite management giving away more than $60 million in price concessions in Q3.rdquo; Bachman estimates only 272MW of modules were counted as revenue in Q3 ...

April 24, 2009 ndash; Analyst Notes ndash; Cowenrsquo;s Robert Stone commented on SunPowerrsquo;s (Nasdaq:SPWRA) results for the Q1, noting that the quarter is likely ldquo;the troughrdquo; for the company. He maintains an OUTPERFORM Rating on the stock, seeing a strong second half on identified commercial/utility projects with potential upside in the residential/components business. He sees an upside of 50% vs. the market in 12 months. Financial Results The company reported a 21% Y/Y decline in Q1 revenues to $214 million, with Tom Werner commenting that this was ldquo;the most challenging quarterrdquo; hersquo;s seen since the company went public back in 2005. The companyrsquo;s GM came in at 22.3%$ and a net loss of $4.7 million, or $0.06 per share, compared to net income of $11.9 million for the same period last year. Expectations were for earnings of $0.02 per share. Management forecast revenue in a range of $1.3 billion to $1.7 ...

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 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; …

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 ...

December 5, 2008 ndash; Analyst Comments ndash; Cowen amp; Companyrsquo;s Robert Stone issued an Industry Outlook this morning on solar, concluding that continued growth depends on a stabilization between the euro and dollar, strengthening in project credit, new sources of tax equity and continued government support. He cited a channel check amongst dealers noting that dealers generally expect installation growth to accelerate and interestingly, that dealers donrsquo;t expect module oversupply. He reiterated that government support will be a critical component for growth. Our take on Stonersquo;s comments is that we completely agree that the factors for growth in solar that he cited will be critical to continued growth. The good news, we think, is that there is strong visibility on each of these fronts: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Stabilization between the euro and the dollar ndash; many solar companies have taken a hit on the erosion of the euro relative to the dollar, ...

November 21, 2008 ndash; ANALYST NOTES ndash; This morning Jesup amp; Lamontrsquo;s Brian Yerger, and Cowen amp; Companyrsquo;s Robert Stone both weighed in on Suntech Power (NYSE:STP), with Yerger rating STP at a BUY with a $9.00 price target and Stone maintaining his OUTPERFORMANCE rating indicating 50% upside vs. the market in 12 months. Here are the key takeaways from both analysts: Yerger (Jesup amp; Lamont) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suntechrsquo;s leadership position in Chinese solar manufacturing industry should enable it to benefit from tremendous upheaval and probable shakeout of marginal producers in current macroeconomic environment; nbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Near-term results will be severely impacted (negatively) resulting in Yergerrsquo;s lowering of 2009 revenue and EPS estimates middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yerger believes the current stock price of $5.39 reflects the bad news and thinks a large part of recent turmoil has been discounted middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowered price target to $9.00 from $60.00 and lowered multiple to 10x from 25x 2009 EPS of ...

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 ...