Evergreen Solar (ESLR) Reports Steep Loss, Wedbush Downgrades

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01:10:07 pm on October 17, 2008

Evergreen Solar (ESLR) is selling off more than 10% today after missing estimates and reporting losses in the latest quarter despite a 21% increase in revenue over the year ago quarter.  Analysts were expecting a 10 cent loss in the quarter, but ESLR missed badly reporting an .18/share loss. 

Wedbush Morgan downgraded the stock this morning from Buy to Hold and lowered the price target to $5 from $6, due to uncertainty over ESLR achieving operational and financial targets in the near term due to delays, concerns over credit and increasing costs to build out the Devens facility.

Evergreen Solar (ESLR) is clearly emerging as a laggard in the industry and now trades below $4/share.

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