JANCO is upgrading Energy Conversion Devices from Market Perform to Accumulate but cut the price target from $72 to $45

The firm said, “Although not immune to the difficult macro environment, ENER’s focus on BIPV with its flexible substrate thin films should put the Company on a relatively strong footing. While not changing our estimates for FY2009 and FY2010, we are bringing the multiples more in line with the rest of the group.”

Shares up 11% today but still submerged below the 50 and 200 day moving averages.