November 19, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in on China Sunergyrsquo;s (Nasdaq:CSUN) Q3 results this morning, raising estimates on strong Q4:09 shipments and market share gains. He noted, however, that since plans for downstream integration into module manufacturing are not yet clear, risk/reward is balanced at the current share price. He rates the stock at NEUTRAL. Q3 Results China Sunergy reported Q3 revenues of $80 million in Q3, down from $102 million for the same period last year, but up from $57.8 million in Q2. Gross margin was 10.2%, up slightly over 9.7% GMs in Q2. Net income was $7.8 million, or $0.19 per diluted share, compared with net income of $211 thousand in Q308, and net income of $1.7 million over the previous quarter. Shipments amounted to approximately 54.4 MW, representing 59.5% and 31.1% increase compared with the third quarter of 2008 and the second ...

November 18, 2009 ndash; Analyst Comments- Pacificnbsp; Crestrsquo;s Mark Bachman commented today on an article in the October 2009 issue of PHOTON Magazine which reports on manufacturing flaws in First Solar modules. Bachman stated that ldquo;We raise the issue now because the article was printed in the German version of the magazine last month, and we believe that most U.S. investors are not yet aware of it; we suspect the article will soon appear in the English version of PHOTON International. We are looking to be more constructive on the stock and want to clear potential negative data ahead of First Solarrsquo;s Dec. 16 analyst meeting.rdquo; Key Takeaways Bachman said module performance is unaffected by the defects, having checked with several First Solar customers Doesnrsquo;t think that First Solarrsquo;s brand has been damaged, as no negative criticism was noted from checks with installers in the U.S.

November 17, 2009 ndash; Analyst Comments ndash; Cowenrsquo;snbsp; Rob Stone commented this morning on SunPowerrsquo;s (Nasdaq:SPWRA) announcement that it is investigating accounting entries at its Philippine manufacturing operations which could havenbsp; understated COGs for the first nine months of 2009 by about $15 million. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; There can be no assurance that broader issues do not exist, and an updatenbsp; is expected within 30 days. In the meantime, the sharesnbsp; are likely to trade near the low end of the recent range middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The misstatements on COGs could equate to an adjustment of about 7-17% relative to YTD non-GAAP operating income of $90.5M, and the impact on EPS equates to 6-16c (5-13%) vs. 2009E cash EPS of $1.21 and 11c (5%) vs. 2008 cash EPS of $2.28 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM rating

November 17, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman weighed in on SunPowerrsquo;s (Nasdaq:SPRWA) announcement yesterday that it is investigating potential accounting issues, suggesting to investors to ldquo;steer clearrdquo;.nbsp;nbsp; Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Internal review reveals $15 million in understated COGS in 2009, and adding $15 million in expenses to Bachmanrsquo;s model lowers EPS estimate by $0.12 to $1.03 from $1.15. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; This isnrsquo;t the first time SunPower has reported accounting issues. Back in November 2008 it had to lower EPS guidance by $0.50 due to issues related to tax planning and foreign currency hedging. This should raise investor concerns. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains UNDERPERFORM rating, waiting until results of the internal investigation to be communicated before re-evaluating rating. Sees downside to $20, 15x 2010 EPS of $1.31.

November 13, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on Yingli Green Energyrsquo;s (NYSE:YGE) Q3 report and the overall conditions in the solar industry this morning. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes potential subsidy changes in Germany and Italy will drive strong demand in the first half of 2010 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yinglirsquo;s comments that it is essentially sold out on existing capacity and expects to ship some product in Decembernbsp;nbsp; for Q1 delivery support view thatnbsp; conditions are improving middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yingli doesnrsquo;t appear to be leading prices lower in Q1 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; SunPower (Nasdaq:SPWRA) and Trina Solar (NYSE:TSL) should be well positioned nbsp;with relatively stronger exposure in Southern Europe.

November 13, 2009 ndash; Analyst Comments ndash; Think Equityrsquo;s David Woodburn weighed in on Westport Innovationsrsquo; (Nasdaq:WPRT) nbsp;Q2 results this morning, noting that the results ldquo;werenrsquo;t quite as lackluster as we expectedrdquo; due to the companyrsquo;s better than expected CWI medium-duty engine volumes. Woodburn maintains a BUY rating on the stock. Q2 Results Westport reported a 19% Y/Y decline in Q3 revenues to $31.7 million, with CWI revenue down $3.2 million to $30.1 million for the period on 1,039 units shipped. Net loss was $9 million, or $0.28 per share, compared with net income of $0.7 million ($0.02 per share) for the three months ended last year. Woodburnrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expectations for heavy-duty this quarter were ldquo;misguidedrdquo;, with near-term economic pressure weighing on fleet purchases. Still thinks outlook for this business is promising. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Prospects for further Federal incentives is improving middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Said that funding from the SCAQMD/Ports should drive ...

November 12, 2009 ndash; Analyst Comments ndash; Pacific Crestrsquo;s Mark Bachman commented this morningrsquo;s on Indiarsquo;s plans to detail its National Solar Mission this week. In addition to its goal of achieving 20GW of solar power generation by 2020 (1GW of installs between 2012 and 2013), the government is expected to discuss certain guidelines. Bachmanrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Thinks the government will disclose subsidies and a generous Feed-in-Tariff (FIT)nbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The government is targeting domestic solar manufacturing capacity of between 4GW and 5GW by 2017 middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; At Solarcon India earlier this week, government officials discussed the formation of SolarCity, a 10,000 acre parcel of barren land will be used in the development of the first 2GW of solar ndash; with the initial allotment of land to Sunborne, Inc., Lanco Solar, Titan Energy and AES Solar. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The news should benefit First Solar (Nasdaq:FSLR), noting AES Solarrsquo;s current installs in Europe using First Solar ...

November 11, 2009 ndash; Analyst Comments -nbsp; Pacific Crestrsquo;s Mark Bachman commented on A123 Systemsrsquo; Q3 financial results this morning, noting that the results were ldquo;solidrdquo; and there is no change to his long-term thesis. He rates the stock at SECTOR PERFORM. Financial Resultsnbsp;nbsp; Q3 revenue of $23.6 million, up from $22.9 million for the same period last year. Product revenue increased 42% on Y/Y basis, while Ramp;D revenue increased 59% Y/Y. The company reported anbsp; net loss of $22.8 million, or $1.78 per share, compared with a net loss of $1 million for the same period last year. It had $494 million of cash on hand at September 30, 2009. Bachmanrsquo;s Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ldquo;The loss of ($1.78) per share looks much worse than our estimate of ($0.20), but all but $0.03 of the miss was driven by a share-count discrepancy.nbsp; middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; A123 is confident about Chrysler, but the implications are ...

November 11 ndash; Analyst Comments ndash; Cowenrsquo;s Raj Seth commentednbsp; this week on Ener1rsquo;s (Nasdaq:HEV) Q3 conference call, noting that he is encouraged by the companyrsquo;s strong pipeline, but ST is recommending to remain on the sidelines. He rates the stock at NEUTRAL. Key Takeaways middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Management expects to announce a supply agreement with Fisker by year end. At about $12,000 per pack, this would represent about $85 million in potential revenues for 2010. Also expects some revenues from Think in Q4. Japan Post and Volvo have also placed orders for testing. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; HEV expects about $400 million in funding from government programs. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; ST Ener1 financials are hardnbsp; to predict ndash; estimates earnings power of about $0.70 in 2012 based on $700 million in revenues and EBITDA margins of about 15%.

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 ...