March 15, 2010 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone said this morning that he continues to think the solar group is undervalued, commenting on ground mount FIT delays in Germany and farmland which is still in dispute. Key Points: middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; According to new draft amendment to EEG, thenbsp; FIT cuts for ground mount systems would be postponed three months (to October 1st), ground mount projects on farmland which had permits by March 3, 2010 may be completed under the existing FIT until the end of 2010, and the corridor for ground mount systems along railroads and freeways is doubled to 200 meters (from 100). The time period for measuring the market size (which determines the 2011 degression) is also pushed out by one month, to start in July. middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Stone reiterated OUTPERFORM ratings on First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPWRA), Suntech (NYSE:STP) STR Holdings (Nasdaq:STRI) and Trina Solar (Nasdaq:TSL).

February 8, 2010 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone weighed in this morning on the U.S. Utility-Scale Solar PV segment, reflecting on highlights from PHOTONrsquo;s Third Solar Electric Utility Conference: Key Takeawaysmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; There is a growing role for solar in utilitiesrsquo; RPS mix, driven by falling cost ndash; thinks investors may underestimate the near-term size and growth of the U.S. utility PV market middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Growth expected for utility distributed PV, raising confidence in projections in 2010 for morenbsp; than 1GW in the U.S. market middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; The CPUC projects solar will become the largest source of CA RPS generation and in Florida, FPL is positioned to build 700MW of solar over the nextnbsp; three years ndash; pending approval of legislationmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Smaller, 2-20MW PV projects are faster, easier to interconnect and permit and can be financed at a single bankmiddot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Maintains OUTPERFORM on First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPWRA), STR Holdings (Nasdaq:STRI) ...

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; …