BofA on Alt-Energy Stocks: Upgrades AONE, CVA, AEP, Downgrades CREE, ENOC, CLNE, LEDS

Analysts at BofA Merrill revised ratings on stocks in the alt-energy group Tuesday morning.

• upgraded A123 Systems (Nasdaq: AONE) from Neutral to Buy
  
• upgraded Covanta (NYSE: CVA) from Neutral to Buy
  
• upgraded American Electric Power (NYSE: AEP) from Neutral to Buy
  
• downgraded CREE (Nasdaq: CREE) from Neutral to Underperform
  
• downgraded EnerNOC (Nasdaq: ENOC) from Neutral to Underperform
  
• downgraded Clean Energy Fuels (Nasdaq: CLNE) from Neutral to Underperform
  
• downgraded SemiLEDs (Nasdaq: LEDS) from Neutral to Underperform

The firm said it remains cautious on alt-energy companies with expensive products which require subsidies. BofA's top picks are: First Solar (Nasdaq: FSLR) and Ameresco (Nasdaq: AMRC).

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