(ENER) Energy Conversion Devices – Bear of the Day
December 17th, 2009
Although we expect significant declines in both revenues and earnings in fiscal 2010 for Energy Conversion Devices (ENER), 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.
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