Needham & Company has initiated coverage on Comverge (COMV) with a Buy rating and $14 price target. Shares of COMV could use a boost. They remain in a down trend and there is resistance all the way up to the 11.15 level of the 200 day moving average. Hat tip to Street Insider for the following analyst comment:
“Overall, we view Comverge’s strong presence in US residential demand response (along with its building presence in C&I) as driving particularly strong growth in the evolving demand response market. While utilities lay infrastructure over the course of the next many years with goals to enable a smart grid, the more advanced demand response solutions (such as those offered by COMV) are arming utilities with smart, clean and economically valuable energy efficiency solutions today. Over time, we expect winners in the space to be the companies operating at scale, with strong technology platforms, and with fundamentally sound balance sheets (to aid open market efforts).”
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Credit Suisse has upgraded shares of First Solar (FSLR) from Neutral to Outperform and raised its price target on the stock from $110.20 to $150. Shares of FSLR are moving up another 5% this morning to the important $125 level which is right around resistance of the 50 and 200 day moving averages. If it can close above $127 (200 dma) that would be considerably bullish.
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Pacific Crest Securities initiated coverage on Cree Inc (CREE) with an Outperform rating. Cree is still in the process of carving out a new base. It’s had a decent little run in the past few days, but it’s just making its way back to what is now resistance of the 50 day moving average and remains in down trend.