Energy Conversion Devices (ENER) Shares Continue Lower as JPMorgan, Citi Downgrade

November 10, 2009 11:14 AM EST

Following its Q3 earnings, reported yesterday before the market opened, shares of Energy Conversion Devices (Nasdaq: ENER) sold-off in the last hour or so of trading, closing the session down nearly 5%. Today, the stock is continuing lower (down 3.2%) as we have several analyst firms which downgraded the stock this morning:

• JPMorgan lowered its investment rating on ENER from Overweight to Neutral, also cutting the price target from $26 to $15
  
• Citi moved its rating on the solar-company's stock from Hold to Sell, also lowered its price target from $12 to $7

With the stock around $10.56 today, JPMorgan's new price target represents potential upside of about 42%, while Citi's new target represents potential downside of about 33%.

To see all the market-moving upgrades/downgrades on shares of Energy Conversion Devices in real-time, visit our Analyst Ratings page.

Energy Conversion Devices, Inc. engages in the design, manufacture, and sale of photovoltaic (PV) products.

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• JPMorgan
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