Piper Jaffray & Co. upgrades Energy Conversion Devices (Nasdaq: ENER) from Neutral to Buy and raised its price target $25 to $33, citing strength in Europe, U.S. legislation, and less pronounced ASP declines.
Piper analyst says, “We upgrade shares of ENER to BUY for three primary reasons: 1) greatest exposure to strength in France and Italy; 2) prime beneficiary of pending US federal/state legislation; and 3) ASP declines are less pronounced than anticipated.
