Lazard Maintains Solar Buys (ENER, CSIQ, ESLR)

Lazard Capital Markets analyst Sanjay Shrestha has come out maintaining his Buy recommendation on several names in the alternative energy space.

• Energy Conversion Devices (NASDAQ: ENER) maintain BUY rating and $40.00 target.  Lazard met with the management team and views it as a one of the best turnaround story in the solar space; after many decades of being an R&D company, it has recently moved towards commercialization and growth under new leadership.  It places a high-$20’s value on Solar operation, and a $12 value on the company’s Ovonics unit. It currently places no value on its COBASYS unit, although it could add value in long-term.
• Canadian Solar (NASDAQ: CSIQ) was also maintained as a BUY rating with the current $21.24 price being short of the $24.00 price target.
• Evergreen Solar (NASDAQ: ESLR) was also maintained as a BUY rating with its $9.09 being well short of its $15.00 target.

We have featured several of these alternative energy names in our own "Stocks Under $10" weekly subscriber letter.

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Jon C. Ogg
April 1, 2008

Jon Ogg produces the Special Situation Investing Newsletter and he can be reached at [email protected]; he does not own securities in the companies he covers.