We expect significant declines for Energy Conversion Devices (ENER) in both revenues and earnings in fiscal 2010. Revenue should improve in 2011, assuming an improvement in overall economic conditions.

The company has announced a significant reduction in headcount. However, it is likely that the company will not be net free-cash-flow-positive in the forseeable future.

We have changed our recommendation to Underperform and dropped our price target to $10.00.

Zacks Investment Research

1. (TMO) Thermo Fisher Scientific Issues Public Notice on Debenture ConversionThermo Fisher Scientific Inc. (TMO) recently began the process of issuing public notice to the...
2. (ENER) Energy Conversion Reports In LineEnergy Conversion Devices Inc. (ENER) recently reported unenthusiastic results for the fourth quarter. Adjusted loss...
3. (BAX) Medical Devices – Industry OutlookSince the beginning of the global economic crisis, medical device stocks have fared slightly worse...
4. (ENER) – Energy Conversion Devices – next-year estimate projecting 450% earnings growthEnergy Conversion Devices, Inc. (ENER) reported awesome fourth-quarter and full-year results yesterday morning that included...
5. (ENER) – Energy Conversion Devices – next-year estimate projecting 450% earnings growthEnergy Conversion Devices, Inc. (ENER) reported awesome fourth-quarter and full-year results yesterday morning that included...
6. (ENER) – Energy Conversion Devices – next-year estimate projecting 450% earnings growthEnergy Conversion Devices, Inc. (ENER) reported awesome fourth-quarter and full-year results yesterday morning that included...

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