November 6, 2009 ndash; Analyst Comments - Global Hunterrsquo;s Justin Cable weighed in this morning on Ormatrsquo;s (NYSE:ORA) Q3 results, which came in above expectations. Cable maintains a NEUTRAL rating citing sharp pullback in products due to soft bookings. Q3 Results Ormat reported a 20% Y/Y increase in Q3 revenues to $119.8 million and net income of $23.4 million, or $0.52 per share, compared with $15.8 million for the same period last year. Management said it expects the electricity segment revenues for 2009 to be between $254 and $258 million, with an additional $9 million of revenue from its share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. For its Product Segment results it increased its guidance to approximately $150 million.Cablersquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes geothermal outlook remains long-term positive, and Ormat best positioned to benefit middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains cautious about tight credit markets ...

November 6, 2009 ndash; Analyst Comments - Global Hunterrsquo;s Justin Cable weighed in this morning on Ormatrsquo;s (NYSE:ORA) Q3 results, which came in above expectations. Cable maintains a NEUTRAL rating citing sharp pullback in products due to soft bookings. Q3 Results Ormat reported a 20% Y/Y increase in Q3 revenues to $119.8 million and net income of $23.4 million, or $0.52 per share, compared with $15.8 million for the same period last year. Management said it expects the electricity segment revenues for 2009 to be between $254 and $258 million, with an additional $9 million of revenue from its share of electricity revenue generated by a subsidiary, which is accounted for under the equity method. For its Product Segment results it increased its guidance to approximately $150 million. Cablersquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes geothermal outlook remains long-term positive, and Ormat best positioned to benefit middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Remains cautious about tight credit markets ...

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, stating that ldquo;given the near-term challenges ahead, we no longer have the conviction to recommend putting new money into the stock.rdquo; Bachman downgraded to SECTOR PERFORM. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downside risk is probably minimal at 0.5x price-to-book middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Evergreen may need to return to the capital markets late next year to increase debt or add further dilution middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target

November 6, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morning on First Solarrsquo;s (Nasdaq:FSLR) land purchase from Ausra which he says mitigates risk for its 550MWac Topaz Project. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Environmentalists continue to battle with large project developers, and the Ausra parcel will give First Solar more flexibility in placement of solar arrays from land covered by the Land Conservation Act of1965 to createnbsp; additional wildlife corridors to appease the environmentalists middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The purchase will also enable faster permitting middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Profitability impact to the Topaz project should be nominal ndash; even at $4,000/acre, at $3.50/Wdc the project is worth almost $2.4 billion. A $3 million impact on the cost of the additional land would impact gross margin by less than 0.2%.

November 5, 2009 ndash; Analyst Comments -nbsp; Cowenrsquo;s Robert Stone commented this morning on Evergreen Solarrsquo;s (Nasdaq:ESLR) Q3 results, noting that while the operating loss was smaller than expected, a wider loss at Sovello indicates that nbsp;it is in trouble. Stone maintains a NEUTRAL rating on the stock. Financial Results Evergreen Solar reported Q3 revenue of $77.7 million, compared with $63.8 million in Q2 and $22.1 million for the same period last year. Gross margins were 9.7%, 1.9% and 5.7%, respectively. Net loss for Q3 was $82.4 million, compared with $20.3 million in Q2 and $24.6 million last year. In terms of key highlights, Evergreen shipped 31.1MW from Devens in Q3, up from 23.2MW in Q2. It said it reduced its manufacturing cost to $2.24 per watt, down 17% from $2.70/watt in Q2. Wafer manufacturing costs were about $0.75/watt, down from $0.85/watt in Q2. Stonersquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The J.V.rsquo;s bank waiver ...

November 5, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented on Chryslerrsquo;s PHEV business this morning and the implications for A123 (Nasdaq:AONE). He maintains A123 at OUTPERFORM. nbsp; Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Chryslerrsquo;s announcement that it is including a PHEV Ram pickup in its 2011 ENVI fleet could be a positive for A123, though no units or suppliers were noted. Chrysler would now have five models with PHEV platforms. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes A123rsquo;s shares are fairly valued at $19, but incrementally more positive on Chryslerrsquo;s ENVI roadmap

November 5, 2009 ndash; Mark Bachman weighed in on SolarWorldrsquo;s (SWV.DE) pre-reported Q3 financial results, noting that both revenue and EBIT came in below expectations with revenue of euro;232.5 million, EBIT of euro;34.7 million and net income at euro;16 million. ASPs declined by about 12% in Q3, volumes increased by 15%and sales were up 3%. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SolarWorldrsquo;s stated revenue target of euro;1 billion for FY09 will require Q4 sequential growth to approach 60%, and channel checks into Germany suggest that may be difficult to achieve. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Modeling 2009 in line with managementrsquo;s target, but reduced gross and EBIT margin expectations given ASP concerns. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New price target is euro;18, which is 15x 2010 EPS estimate middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rates stock at OUTPERFORM

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

November 4, 2009 -nbsp; Analyst Comments -nbsp; Think Equityrsquo;s David Woodburn weighed in on Westport Innovations (Nasdaq:WPRT) this morning stating that he is lowering his revenue forecast based on a reduction of estimates for heavy-duty engine volume based on near-term economic pressures on fleet purchases. He continues to rate the stock at a BUY Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Decreasing overall engine forecasts for F2010 and F2011; shifting some volume from higher-profit heavy-duty line to Cummins-Westport medium-duty line middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; FQ2 should be a non-event ndash; expects revenue and EPS of C$27.7 million and (C$0.30) middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;Skepticalrdquo; on odds of incentive-heavy NAT GAS legislation being passed (as written) by itself, though the odds have increased lately middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Federal incentives to look for which could drive uptake of CNG and LNG vehicles include the DOE/Clean Cities alt fuel grants, and the NATGAS bill. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Nov. 6 could bring the approval of SCAQMD/CARB/Port Funding middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ...

November 3, 2009 ndash; Yesterdayrsquo;s announcement from Q-Cells (QCE.DE) and LDK Solar (NYSE:LDK) that Q-Cells trying to terminate a 10-year supply deal highlights a serious problem for the solar sector which it continues to work through. Back in 2007 and early 2008 these long-term supply deals were so attractive, providing long-term visibility and massive backlogs to solar firms. They drove the markets and it sounded great to be able to announce multi-hundred million dollar deals. The problem is that the economics shifted (oversupply, tight credit markets) and the terms became totally unattractive (prices today are so much cheaper than the long-term price schedules for the supply agreements) so companies are trying to back out. This is not a surprise to anyone and most of the competent analysts were focused on this risk back in mid-2008, which is a key reason why solar companies pulled back to 1x book valuations. But ...