Cantor Fitzgerald Downgrades Power-One (PWER) to Hold; Near-Term Uncertainty From Department of Commerce Decision

Cantor Fitzgerald downgraded Power-One (NASDAQ: PWER) from Buy to Hold, price target lowered from $7.50 to $5.00.

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 PWER projects in the U.S. Pfau cuts FY12 EPS from $0.46 to $0.42 and revenues from $971 mln to $941 mln. For FY13, EPS cut fro $0.42 to $0.75.

For an analyst ratings summary and ratings history on Power-One click here. For more ratings news on Power-One click here.

Shares of Power-One closed at $3.94 yesterday.

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