Citi Slashes ESLR Price Target, Barclays Initiates Solar Coverage (YGE, LDK, TSL, SOL, CSUN, SOLF)
According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock much more investable arguing against a Sell, which we had for some time it is equally tough to make a compelling Buy case given the strained balance sheet and shrinking competitive advantage as poly prices weaken.”
Barclays has initiated coverage on 6 solar stocks this morning:
Overweight on Yingli Green Energy (YGE)
Equal Weight on China Sunergy (CSUN), Trina Solar (TSL), ReneSola (SOL) and LDK Solar (LDK)
Under Weight on Solarfun (SOLF)
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