UPDATE: Cantor Fitzgerald Downgrades Power-One to Hold, Lowers PT
In a company update published earlier today, Cantor Fitzgerald downgraded its rating for Power-One, Inc. (NASDAQ: PWER) from Buy to Hold, and lowered its price target from $7.50 to $5.00.
Cantor Fitzgerald went on to say “On May 17, the U.S. Department of Commerce imposed an immediate 31% duty on Chinese-manufactured c-Si cells, modules, and panels. With the European solar market in decline and most of world's solar panels manufactured in China, we believe this ruling will have a significant negative effect on what has been a growing U.S. market. The significant growth in U.S. solar installations has been fueled by dropping prices of solar panels. This makes everything from residential solar to utility-scale solar financially viable (in some cases with subsidies). We believe that many will now be in limbo as developers try to make the business case with increased costs.”
Power-One, Inc. closed yesterday at $3.94.
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