Evergreen Solar (ESLR) Downgrade by Citi

“Given its track record and sub-scale operations,” he writes, “we believe it highly unlikely that ESLR achieves these targets, and even if the company is successful, nearly two years seems a long time to wait in an industry that’s shown extreme volatility. Furthermore, these gains are dependent on boosting efficiency, a lower polysilicon price, and thinner wafers, all factors that might not be successfully achieved.”