Citi Slashes ESLR Price Target, Barclays Initiates Solar Coverage (YGE, LDK, TSL, SOL, CSUN, SOLF)

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11:08:55 am on February 9, 2009

According to, 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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