Upgrades/Downgrades: HOKU, VSE, ESLR

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12:09:09 pm on September 17, 2008

A few upgrades and downgrades to tell you about today..

Evergreen Solar (ESLR) upgraded from Sell to Hold by Citi
“With ESLR more clearly defining its exposure to a Lehman Bros. bankruptcy, the worst-case scenario is now well defined. The primary issue is dilution as ESLR might not recover funds on the issuance of ~30MM shares to LEH as part of a share lending agreement. Although ESLR may also be out the ~$40MM it has paid so far as part of an additional capped call arrangement with LEH, there is no additional financial obligation…While we continue to think the time is now to license string ribbon and feel the balance sheet adds risk to the expansion, these issues appear much better discounted at current levels.”
Shares of ESLR are recovering today, up 12%, with strong support shaping up in the $4 area.

Hoku Scientific (HOKU) Upgraded from Neutral to Buy by Broadpoint Capital

VeraSun Energy (VSE) Downgraded from Outperform to Perform by Oppenheimer
Shares of VSE are plunging nearly 70% today on news that the company is expected to post a large loss, with no support levels in sight.

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