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Technology Stocks : Energy Conversion Devices
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From: bob zagorin2/10/2009 3:50:48 PM
   of 8393
 
Piper Jaffray Upgrades Energy Conversion Devices (ENER) to Buy
Piper Jaffray Co. upgrades Energy Conversion Devices (Nasdaq: ENER) from
Neutral to Buy. Price target increased from $25 to $33.
Piper analyst says, "We upgrade shares of ENER to BUY for three primary reasons:
1) greatest exposure to strength in France and Italy; 2) prime beneficiary of
pending US federal/state legislation; and 3) ASP declines are less pronounced
than anticipated. We introduce our CY10 EPS estimate of $2.95 and increase our
PT to $33. Although we anticipate the stock will appreciate in 12 months, we
caution investors that there may be weakness/volatility near term because a)
other solar companies are likely to report poor results for the next two weeks;
and b) the recent appreciation of solar stocks may be more attributable to short
covering than long-term investing. ENER will present at our 4th Annual Piper
Jaffray Cleantech Conference on Feb 19th."
Energy Conversion Devices, Inc. (ECD) commercializes materials, products and
production processes for the alternative energy generation, energy storage and
information technology markets.
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