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Energy

JPMorgan Solar Picks and Pans (ENER, ESLR, FSLR, ASTI, SPWRA)

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By Douglas A. McIntyre Updated Published
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JPMorgan has decided to make some key solar ratings changes this morning.  The firm is cautious on the valuation of some in the position of a declining market trend right now, but there are some key takeaways here that are up as well.  Energy Conversion Devices, Inc. (NASDAQ: ENER) and Evergreen Solar Inc. (NASDAQ: ESLR) are up, while shares of First Solar Inc. (NASDAQ: FSLR) are getting slapped on this call today.

Ascent Solar Technologies Inc. (NASDAQ: ASTI) was upgraded to Neutral from Underweight; no trade indications have been seen as this is a low-impact change.  Energy Conversion Devices, Inc. (NASDAQ: ENER) was initiated with an Overweight; shares are trading up 4%.  Evergreen Solar Inc. (NASDAQ: ESLR) was the surprise winner as it was upgraded to Overweight from Underweight; its shares are up 10% at almost $2.40 in pre-market trading.  SunPower Corporation (NASDAQ: SPWRA) was also upgraded, but only to “Neutral” from Underweight; no trade indications have been yet.

The standout in the group is unfortunately the leader of the whole solar sector.  First Solar Inc. (NASDAQ: FSLR) downgraded to Neutral from Overweight.  Shares are still seeing thin volume but are indicated down 2% at $152.00.

As a group, JPMorgan thinks it is best to remain defensive and cautious because of a double-dip possibility.  The Evergreen and Energy Conversion ratings are based on less downside risk.  There is a fear of continued subsidy cuts in Germany and the EU, and that is the pan for First Solar.

Jon C. Ogg
July 2, 2009

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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