Energy
UBS Ditches Solar Stocks (ENER, ESLR, SOLR, SPWRA)
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UBS is issuing a downgrade on many of the solar stocks this morning. While this call may be late, it does echo some of the issues brought up recently which signals that some of the solar orders could get cut ahead from utilities now that energy is suddenly cheaper and is deemed to stay cheaper for the time being.
Energy Conversion Devices (NASDAQ: ENER), Evergreen Solar (NASDAQ:ESLR), GT Solar (NASDAQ: SOLR), and SunPower (NASDAQ: SPWRA) were alldowngraded from "Buy" down to "Neutral."
As noted, this call is a late one. But it sure seems like there aremore troubles brewing in solar-land than many of the alternative energybulls would want to consider.
Jon C. Ogg
October 28, 2008
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