UPDATE: "Evergreen Solar Slides; Citi Cuts Rating To Sell (ESLR)"
* U.S. solar co expects to have $115 mln cash before end Q4
* Accelerates strategy to outsource work in China
* Shares up 1.4 pct at $1.44 (Adds analyst comment, background, updates share movement)
LOS ANGELES, Nov 5 (Reuters) - U.S. solar company Evergreen Solar Inc (ESLR) has "significant" cash to meet its operating needs, the company's chief financial officer said on Thursday on a conference call with investors, as the company's shares rose slightly in trading.
The Marlboro, Massachusetts-based company posted better than expected revenue on Wednesday and said it ended the third quarter with $91 million in cash. [ID:nN0444775]
"As you can see, we have significant cash to meet our operating needs," said Michael El-Hillow, the company's CFO....MORE
And from SmallCapPulse:
· Modeled declines in ASPs (22% in 2010), underutilization at Devens, ramp expenses from China and continued losses from Sovello
· Downside risk is probably minimal at 0.5x price-to-book
· Evergreen may need to return to the capital markets late next year to increase debt or add further dilution
· Lowering 2010 revenue and EPS estimates to $355.3 million and ($0.03) from $466 and $0.29, respectively and removing price target