Piper Jaffray is out maintaining its Underweight rating on Hoku Scientific (HOKU) and lowering the price target despite the Tianwei life preserver thrown last night.  The firm notes that while the company gains a strong partner and a new lease on life, the deal dilutes existing shareholders  and doesn’t complete eliminate the risks.  The Piper comment isn’t hurting shares this morning with the stock still up about 60%.