AKNS Posts Disappointing Q1 Results

Analysts at Cantor Fitzgerald reiterate their "hold" rating on Akeena Solar Inc (NASDAQ: AKNS). The target price for AKNS is set to $1.50.

According to Cantor Fitzgerald, AKNS reported disappointing revenues, down 8% sequentially. AKNS also reported a drop in sales despite initial stocking orders for nine new Lowe's (NYSE: LOW) stores in California. Gross margins, however, improved by 23% for AKNS.

“We continue to be bullish on the long-term outlook for the Andalay distribution model, but we are cautious on the company's residential business,” the analysts add. More Analyst Ratings here