Wunderlich Securities Reiterates Sell and PT of $0 on Evergreen Solar (ESLR)

Wunderlich Securities maintained its Sell rating and price target of $0 on Evergreen Solar (NASDAQ: ESLR). In a research report published today, Wunderlich stressed weak demand for Evergreen's products as one of company's main problems.

In the report, Wunderlich states, "Yesterday after the close, Evergreen Solar (ESLR) announced 1Q11 results. The company stated that due to the impact of a slowdown in solar demand, it was unable to sell more than $34.5 million of product in the first quarter. It also noted that after making a $10.75 million interest payment it now had about $33 million left in cash and was unsure about how it would be replenished. The company also announced it was meeting with note holders and would not be hosting a previously scheduled conference call. We reiterate our Sell rating and price target of zero."

In yesterday's trading, Evergreen added 0.71% to its value to close the day at $1.41. Its shares are having a hard time in today's pre-market trading, however. At the moment, Evergreen is standing at $1.22, down 13.48% on yesterday's close.