Cantor Fitzgerald Downgrades Satcon Technology (SATC) to Hold; Near-Term Uncertainty From Department of Commerce Decision

May 18, 2012 7:32 AM EDT
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Price: $0.43 --0%

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    3 Buy, 7 Hold, 1 Sell

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    Up: 5 | Down: 5 | New: 0
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Cantor Fitzgerald downgraded Satcon Technology (NASDAQ: SATC) from Buy to Hold, price target slashed from $3.00 to $0.50.

Analyst, Dale R. Pfau, said, "On May 17, the U.S. Department of Commerce imposed an immediate 31% duty on Chinese manufactured c-Si cells, modules, and panels. With the European solar market in decline, and most of world's solar panels manufactured in China, we believe this ruling will have a significant negative effect on what has been a growing U.S. market."

Pfau sees significant near-term uncertainty for SATC projects in the U.S. Pfau cuts FY12 EPS loss from -0.13 to -0.21 and revenues from $146.5 mln to $108.3 mln. For FY13, EPS cut fro $0.12 to $0.02.

For an analyst ratings summary and ratings history on Satcon Technology click here. For more ratings news on Satcon Technology click here.

Shares of Satcon Technology closed at $0.32 yesterday.

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