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Technology Stocks : ESLR - Evergreen Solar

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To: SARMAN who wrote (67)	6/23/2008 11:08:35 AM
From: Roy F	Read Replies (1) of 112

6/19 S&P RAISES OPINION ON SHARES OF EVERGREEN SOLAR TO STRONG BUY FROM BUY (ESLR) 11.24): Shares are up 10% this morning after ESLR sets two long-term sales contracts, totaling $600 million, with U.S.-based groSolar and Germany-based Wagner & Co Solartechnik. This follows $1 billion of May contracts. Production to be at Massachusetts plant slated to start up in July. Cash needs for current expansion likely to bring one last dilutive deal, but we project strong ELSR cash flow starting in 2010. We still see $0.10 a share loss in 2008 but raise 2009 EPS forecast by $0.10 to $0.65. We raise target price by 2 to 18, which is 28 times our 2009 estimate, a premium to reflect strong prospects. -M. Jaffe /08

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