UPDATE: Collins Stewart Downgrades Hanwha Solar One to Neutral

Collins Stewart is out with its report today on Hanwha Solar One

, downgrading HSOL to Neutral from Buy. In its report, Collins Stewart writes, "The shares do appear inexpensive on a price-to-book basis, but ultimately assets are worth a value in relation to the cash flow they can generate. We now believe these assets will produce less earnings in the year ahead than previously expected, and are lowering our rating to Neutral from Buy. We believe the best hope for HSOL at this point is for Hanwha Group to acquire the rest of the company, a scenario we believe is possible but not enought to warrant a Buy rating." Shares of HSOL closed Wednesday at $3.77.