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.”

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