Citi Upgrades Evergreen Solar (ESLR) to Hold
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Citi upgrades Evergreen Solar (Nasdaq: ESLR) from Sell to Hold.
Citi analyst says, "With ESLR more clearly defining its exposure to a Lehman Bros. (NYSE: LEH) bankruptcy, the worst-case scenario is now well defined. The primary issue is dilution as ESLR might not recover funds on the issuance of ~30MM shares to LEH as part of a share lending agreement. Although ESLR may also be out the ~$40MM it has paid so far as part of an additional capped call arrangement with LEH, there is no additional financial obligation...While we continue to think the time is now to license string ribbon and feel the balance sheet adds risk to the expansion, these issues appear much better discounted at current levels."
Evergreen Solar, Inc. develops, manufactures and markets solar power products enabled by its String Ribbon technology.
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