Cantor Fitzgerald Cuts Price Target on Satcon Technology (SATC), Maintains Top Position in N.A.

Cantor Fitzgerald is reaffirming its Buy rating on shares of Satcon Technology (NASDAQ: SATC) while cutting its price target from $5 to $3.75.

The firm believes that SATC is maintaining its top position in North America, but due to pre-announced results by Power-One (NASDAQ: PWER) and SMA Solar it is reducing its estimates.

Although Cantor Fitzgerld forecasts that the overall market will be challenged over the next 18 months, analysts anticipate that Satcon can continue to gain market share and show growth over the coming years.

An analyst at Cantor Fitzgerld comments, "While we are generally negative on solar panel companies, we continue to be favorably disposed to inverter companies, and we believe they have better supply/demand characteristics."

For 2011 and 2012, the firm cut reduced its EPS estimates from ($0.22) and $0.20 to ($0.24) and $0.15. Sales expectations for the two years was also cut from $216.2 million and $2.87 million to $203.8 million and $254 million.

For more ratings news on Satcon Technology click here and for the rating history of Satcon Technology click here.

Shares of Satcon Technology closed at $1.15 yesterday.

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