Wedbush Morgan solar analyst Al Kaschalk this morning turned more cautious on the sector, lowering his ratings on SunPower (SPWRA), First Solar (FSLR) and Energy Conversion Devices (ENER) to Hold from Buy.
The reasons for his more skeptical stance are familiar ones to anyone who has been tracking the industry’s recent tribulations:
- Declining ASPs and spot polysilicon prices.
- Increasing module supply.
- Increased risk to 2009 revenues due to lack of financing for solar projects.
- The impact of the appreciating dollar against the Euro.
- Possible delays in utility scale projects from the economic downturn.
- Increasingly negative investor sentiment toward solar stocks due to earnings risk and macro concerns.
Kaschalk cuts both price targets and estimate for the stocks...MORE
Wednesday, December 3, 2008
Solar Storm: Webush Downgrades FSLR, ENER, SPWRA
From Tech Trader Daily:
