Citi Initiates Coverage on Evergreen Solar (ESLR) with a Sell
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Citi initiates coverage on Evergreen Solar (Nasdaq: ESLR) with a Sell. Price target $8.
Citi analyst says, "On ESLR, while string ribbon technology is promising and the Street is already negative, we see such significant financing requirements over the next few years that, in each of our three scenarios, we find it difficult to see a sustained period of EPS growth beyond the ~$1 range. We feel a better decision would be to license the technology, but the window there may be closing given the pace of technology improvements around poly usage. We see downside to $5 meaning risk/reward is heavily skewed to the downside."
Evergreen Solar, Inc. develops, manufactures and markets solar power products enabled by its String Ribbon technology. [SM]
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