UPDATE: Cantor Fitzgerald Downgrades SatCon Technology to Hold
In a company update published earlier today, Cantor Fitzgerald L.P. downgraded its rating for SatCon Technology Corporation (NASDAQ: SATC) from Buy to Hold, and maintained its price target of $0.50.
Cantor Fitzgerald went on to say “This takes the nascent U.S. solar industry evolution out of the hands of entrepreneurs and technologists and into the hands of politicians, bureaucrats, and lawyers. We expect significant near-term uncertainty for SATC projects in the U.S.. and we believe there is a high degree of risk in our earnings models. The DOC ruling will certainly be appealed, and a final ruling is due in October, but we believe the damage to downstream solar is just starting.”
Satcon Technology Corporation closed yesterday at $0.32.
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