Deutsche Bank Maintains Hold Rating On Evergreen Solar

Noting Evergreen Solar's (NASDAQ: ESLR) comparatively weaker market and financial position and a lack of earnings, offset partially by a potential technology/cost advantage, and independent production progressing toward outsourced manufacturing, Deutsche Bank said that it value the stock on a TBV metric.

“Given the company operational/financial challenges, we assign roughly an in-line (with smaller cap/financially weaker solar PV peers) TBV multiple of ~0.75x 2011E TBV/share of ~$1.30 to arrive at $1 PT,” Deutsche Bank writes.

Evergreen Solar closed Monday at $0.84.