Recently, many of the solar stocks have been holding up relatively well in the face of bad news indicating that much of it had been priced in and a bottom in this sector was near. I still believe that to be the case but their will be hiccups along way such as the Energy Conversion Devices (ENER) poor outlook after the bell today. The stock is being punished more than 25% in after hours trading.. … Read the rest
Tag Archives: energy conversion devices
Merrill Lynch Declares Cyclical Bottom In Solar ; Bank of America Upgrades JASO, TSL; ENER Gets Buy Rating
Are the tides turning for the solar industry? After months of doom and gloom forecasts, downgrades and price target cuts some upgrades and positive notes are beginning to slowly trickle in from analysts. Ah oh, time to sell!
Barron’s reported today that Merrill Lynch came out with a report today saying that improving second derivative trends suggest the industry is headed for a cyclical bottom. They went on to say that while demand won’t recover … Read the rest
Energy Conversion Devices (ENER) Beats, Cuts 09 Revenue Estimate
Energy Conversion Devices (ENER) continues on the path of growth but like the rest of the industry isn’t immune to soft estimates for this year. The company reported a profit of .33/share which beat estimates of .31/share and is a big improvement over the year ago quarter in which the company posted a loss of .08/share. Revenues nearly doubled over the year ago quarter to $103 million and also exceeded estimates by a bit.
For … Read the rest
Business Week: "Energy Conversion Devices (ENER) Thin Film Solar Pure Play"
Gene Marcial of BusinessWeek is touting Energy Conversion Devices (ENER) as a top thin film solar pure play and believes its shares will surge higher again once solar stocks come back into favor. ENER’s proprietary technologies allow solar cells to be embedded into roofing materials.
“We view its thin-film solar technology as superior to, and differentiated from, the more established and commodity-like polysilicon-based solar technology,” says Angelo Zino, an analyst at Standard & Poor’s Equity … Read the rest
Piper Jaffray Lowers Energy Conversion Devices (ENER) Price Target
According to StreetInsider.com, Piper Jaffray has lowered the price target of Energy Conversion Devices (ENER) from $56 to $38 but maintains its neutral rating.
The firm notes that “ENER management guided to flat to slightly down ASPs for FY09 which seems difficult to achieve in our opinion given the dramatic decline in polysilicon module prices. The company maintained revenue guidance for FY09 and tightened solar GM guidance to 34%…We believe that ENER may run … Read the rest
Wedge Partners Says China Solar Companies Slowing Production
According to Barrons, Wedge Partners was out with a research note this morning saying that the China based solar companies are slowing production in anticipation of falling demand and prices.
Some highlights:
– Suntech (STP) is laying off about 10% of its employees, idled half its production lines and shelved plans to expand to 1.2GW by the end of the year
– JA Solar (JASO) is seeing customer orders down drastically and half of its … Read the rest
Energy Conversion Devices (ENER) Announces Supply Deal With Marcegaglia
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) Beats On Earnings
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
Deutsche Bank Downgrades Solars: CSIQ, ENER, FSLR & SPWRA
According to StreetInsider.com, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD
– Canadian Solar (CSIQ) cut price target from $36 to $12
– Energy Conversion Devices (ENER) cut price target from $75 to $41
– First Solar (FSLR) cut price target from $200 to $160
– SunPower (SPWRA) cut price target $62 to $45
The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals … Read the rest
Energy Conversion Devices (ENER) Gets JANCO Upgrade
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 … Read the rest