Solar Downgrades: ENER, SOLR Tuesday, November 10, 4:31 PM ET
This morning, both JP Morgan and Citigroup downgraded shares of Energy Conversion Devices (NASDAQ:ENER) following the company's earnings report yesterday. Citigroup reduced its rating from Hold to Sell and cut its price target to $7 per share while JP Morgan reduced its rating from Overweight to Neutral and cut its price target to $15 per share.
Shares of Energy Conversion Devices continue to fall on Tuesday morning, off another two and a half percent so far.
And another solar downgrade came from Piper Jaffray when the firm reduced its rating on GT Solar International (NASDAQ:SOLR) from Equal Weight to Underweight. Analysts at Piper Jaffray are concerned that 75% of the company's polysilicon backlog is at risk of being canceled as the Chinese government puts up new barriers to entry. With the downgrade, the firm reduced its price target to $3 per share.
In morning trading, shares of GT Solar were trading sharply lower, off more than twelve percent so far today.
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