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
According to StreetInsider.com UBS is downgrading the following:
– 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
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
With the bill to extend investment tax credits for renewable energy (finally!) past the Senate, Shares of several stocks that had taken a beating began to rise again. For example, shares of Energy Conversion Devices (ENER), which had taken a nosedive of 18.5% on Tuesday, were back up by 13 percent, to $63.79. Solar Integrated Technologies, one of Energy Conversion Devices major clients, lowered its guidance for the second half of 2008 based in part … Read the rest
… Read the restMSN Money reports that on Thursday, Robert W. Stone, an analyst from Cowen and Co, released a report providing an upbeat analysis for solar energy stocks. Assuming a investment tax credit in the US for solar power, as well increased participation from utilities and the states, demand for solar should climb from 6 gigawatts in 2008 to 14 gigawatts in 2010. He also expects use of solar power to grow in Italy and France, and
Energy Conversion Devices, Inc. released a financial report for the quarter ending June 30, 2008. The company is considered an industry leader in rooftop photovoltaics and thin-film solar laminates. Total consolidated revenues for the quarter rose 18% to $82.4 million. Solar product sales were up 19% to $77 million. Net income rose from $7.0 million in the third quarter to $9.9 million in the fourth quarter. This was also the first fiscal year that the … Read the rest
Energy Conversion Devices was upgraded today by analysts at UBS from neutral to buy. Over the last 52 weeks the stock has ranged from a low of $20.47 in January to a high of $83.33 in June. Stock is up 5% after the upgrade.… Read the rest