It’s a busy morning for ENER.. good earnings this morning and a new multi year supply deal with Marcegaglia, a leading Italian steel manufacturing company. Under terms of the agreement, Energy Conversion Devices will supply individual PV cells for used in integrated commercial roofing products that it expects to introduce to the market in 2010.
Mark Morelli, CEO said, “Marcegaglia currently purchases complete solar laminates from USO for incorporation into its existing metal roofing … Read the rest
Energy Conversion Devices (ENER) reported a strong quarter this morning, beating analyst EPS estimates by .03/share on on revenues of 95.8 million, more than double from the year ago quarter. Analyst had expected revenues to be just a touch higher at 95.9 million.
The company sees 2Q revenues of 100 – 108 million, compared to estimates of 103.6 and for fiscal 09 sees revenue of 455 – 485 million compared to analyst estimates of … Read the rest
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.”
According to StreetInsider.com, Energy Conversion Devices (ENER) is being hit with a Sell rating by Citi this morning:
“We acknowledge ENER’s small scale and niche end market (BIPV) in regions like France + Italy may provide some near-term pricing cover, but those markets are still not big enough to provide much headroom. Meanwhile, collapsing prices for competing x-Si modules should overtake its pricing umbrella by CQ1:09. These floodwaters should force it to get more … Read the rest
– Sunpower (SPWRA) downgraded from Neutral to Sell (down – Evergreen Solar (ESLR) downgraded from Buy to Neutral and $2.60 price target – GT Solar (SOLR) downgraded from Buy to Neutral and $4.25 price target – Energy Conversion Devices (ENER) from Buy to Neutral and $31 price target
Despite the downgrades, all solar names are up premarket with the overall market.… Read the rest
Energy Conversion Devices has announced the location of its new solar cell production plant: Battle Creek, Michigan. Battle Creek was chosen primarily because of the generous incentives they were able to offer .For example, Every Conversion Devices will receive Michigan Business Tax credits valued at $41.4 million over the next 20 years. Including other benefits such as property tax relief and grants to help with training new employees, Energy Conversion Devices is receiving $120 million … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
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 … Read the rest
One day removed from its announcement that it has entered into a joint agreement with CertainTeed to develop roofing integrated photovoltaic products for the residential market, Energy Conversion Devices (ENER) is announcing an acceleration of its expansion plans at its first company sponsored investor day. The company is nearing a decision on site selection for a new 120 MW solar cell manufacturing plant and announced it would increase capacity to 420 MW in 2010, 720 … Read the rest
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