ErSol Solar Energy downgraded to "neutral"

10/22/07 - Dexia Securities

LONDON, October 22 (newratings.com) - Analyst Peter Vanassche of Dexia Securities downgrades ErSol Solar Energy AG (ES6) to "neutral." The target price is set to €70.

In a research note published this morning, the analyst mentions that the company’s share price has appreciated by around 10% over the past three weeks and has exceeded the target price. ErSol Solar Energy has shifted its thin film strategy from continuing the production ramp-up of purely amorphous module generation to accelerating the micromorphous technology development, the analyst says. The EBIT estimate for FY08 has been reduced from €79 million to €69 million to reflect reduced thin film revenues and EBIT.