Wedbush Morgan Initiates Coverage On Ascent Solar Tech (ASTI), Energy Conversion Devices (ENER)

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11:02:56 am on October 7, 2008

According to StreetInsider.com, Wedbush Morgan is out this morning with coverage on two solar names – Ascent Solar Tech (ASTI) and Energy Conversion Devices (ENER).

* ASTI gets a Hold rating and $5.50 price target.

Wedbush analyst says, “CIGS manufacturing technology supports long-term prospects in high-end specialty markets. CIGS roll-to-roll manufacturing enables product use in various applications including BIPV, EIPV, and solar panels…Potential acquisition target by strategic partner or new market entrant. Provides interesting long-term investment but significant hurdles remain in the near-term…Expect share price to remain range bound until significant strides toward profitability are visible.”

* ENER gets a Buy rating and a price target of $62

Wedbush analyst says, “Leading provider of flexible panels manufactured using a proprietary roll-to-roll process. Flexible PV laminates readily adaptable for integration into various roofing products driving lower installation and system cost…Operating model taking hold yet significant margin expansion remains…Estimating revenues and EPS estimates of $482 million and $1.70, $655 million and $3.30 and $790 million and $4.59 for FY09, FY10 and FY11, respectively.”

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