Piper Jaffray Downgrades Rating to Neutral and Lowers PT to $1 on Satcon Technology

A report from Piper Jaffray downgrades its rating from Overweight to Neutral and lowers its price target from $2 to $1 on Satcon Technology (NASDAQ: SATC).

The report states, “Following our checks at Solar Power International (SPI), we lower our 2012 ASP assumptions for SATC down to our base case price as declines for inverters of 10%. We believe SATC will continue to be pressured by growing competition in the North American utility scale inverter market, particularly by Power-One and SMA”.

SATC closed yesterday at $1.14.