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First Albany Ups Evergreen Solar to Buy

First Albany upgraded Evergreen Solar (ESLR) to buy from neutral.

Yesterday, Evergreen agreed to sell $20 million of equity. Analyst Sanjay Shrestha says the equity sale positions the company to execute its plan to expand Line II, and generate positive gross margin and revenue in 2005. He says Evergreen is the only pure-play solar company, with the potential to be the lowest-cost provider in the rapidly growing industry.

Shrestha notes the solar industry has a total market of $5 billion with Evergreen's addressable market of $2.5 billion. He says ongoing industry dynamics and capacity expansion should lead to meaningful growth through 2004 and 2005. He narrowed the $1.00 2004 loss estimate to a 65-cent loss, and sees a 20-cent 2005 loss.

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