Yesterday Piper was out with a downgrade of GT Solar (SOLR) from Buy to Neutral after the company reported awful earnings results, saying they are moving to the sidelines until the solar industry recovers.

Piper analyst says, “Although SOLR remains well positioned for an eventual unit recovery, is achieving promising R&D developments for next-gen equipment, and has a strong balance sheet, we believe shares of SOLR will be capped at current levels until a more meaningful industry recovery becomes apparent. We are downgrading its shares to Neutral and recommend sidelines until we see industry utilization recover to profitable levels warranting more equipment/Capex investment. We believe given our estimate of the industry utilization, and the ramp of an eventual recovery, we think there is further downside risk to company guidance.”

Hat tip to Street Insider

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