It’s getting late but wanted to run down the upgrades/downgrades of today as well as a few notes..
Lazard Capital Markets analyst Sanjay Shrestha said this week that although macroeconomic factors continue to depress alternative energy stocks, the future looks bright. “We believe Barack Obama’s election is a long-term positive for the alternative energy group,” Shrestha said. “Until the financial markets show signs of stability, the economy will likely continue to overshadow other policy agenda … 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
Evergreen Solar (ESLR) is selling off more than 10% today after missing estimates and reporting losses in the latest quarter despite a 21% increase in revenue over the year ago quarter. Analysts were expecting a 10 cent loss in the quarter, but ESLR missed badly reporting an .18/share loss.
Wedbush Morgan downgraded the stock this morning from Buy to Hold and lowered the price target to $5 from $6, due to uncertainty over ESLR achieving … 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
A few upgrades and downgrades to tell you about today..
Evergreen Solar (ESLR) upgraded from Sell to Hold by Citi “With ESLR more clearly defining its exposure to a Lehman Bros. bankruptcy, the worst-case scenario is now well defined. The primary issue is dilution as ESLR might not recover funds on the issuance of ~30MM shares to LEH as part of a share lending agreement. Although ESLR may also be out the ~$40MM it has … Read the rest
According to StreetInsider.com, Piper Jaffray analyst Jesse Pichel has commented on the solar stocks that are related to the Lehman bankruptcy, saying that Sunpower (SPWR), JA Solar (JASO) and Evergreen Solar (ESLR) are negatively affected with respect to prior convertible bond transactions and stock lending agreements. The firm said it would be prudent to assume the worst.
On JASO: “We estimate JASO would realize ~4% dilution on stock and incur a non-cash write off … Read the rest
Shares of both Evergreen Solar and JA Solar have experienced significant loss in value over the past couple of days due to their dealings with now-bankrupt investment banking giant Lehman Brothers. In June, Evergreen Solar lent Lehman Brothers 30,856,538 shares for hedging transactions, and buyers are afraid that Evergreen won’t get the money back for those shares. Prices dropped by $1.70/share yesterday, down to $4.60.
MSN 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
Evergreen Solar Inc (ESLR.O: Quote, Profile, Research, Stock Buzz) on Thursday reported a wider quarterly loss. It blames that on the cost of opening new production facility. Its forecasting third quarter results will be lower than analysts estimates. Shares are down 9.4 percent. It is also warning that margins will be hot for the rest of the year as it is trying to increase the capacity.
Evergreen Solar (ESLR) announced the largest contract in it’s history an hour ago. It’s a long term contract of $1.2B with German based IBC Solar and extends through 2013 which brings the total contractual backlog to $3 billion with 5 different customers.
“We are very pleased to begin this significant long term relationship with IBC SOLAR, the largest PV distributor in the world”, said Richard M. Feldt, Evergreen Solar’s chairman, president and chief executive officer. … Read the rest
Green Alternative Energy Stocks – Solar, Wind, LED Lighting,Smart Grid, Electric/Hybrid Cars, Wave Energy, Green Building, Biofuels & Geothermal