We remain optimistic about Energy Conversion Devices’ (ENER) long-term potential
success in the high growth alternative energy industry,
given increased activity in solar power projects, federal
incentives, and extension of the federal ITC.
The
company does face ongoing challenges, however, and the
company’s Q4 2009 earnings results fell short of Zacks’
expectations.
Our existing price target of $20.00 reflects a
multiple of approximately 28.5x our 2010 earnings
estimate. The shares are currently trading at
approximately 17.9 our 2010 earnings estimate.
Zacks Investment Research
