Cantor Fitzgerald downgrades Ascent Solar Technologies Inc. (ASTI) to Sell.
Cantor analyst says, "We believe Ascent is facing technical, market, and financial challenges in its attempt to develop flexible PV solutions on plastic. The company is citing a difficult market to raise capital as the main reason for a significant delay in their 30Mw production line. However, we believe the
company also faces unresolved technical challenges. Furthermore, we believe that the BIPV market itself, which Ascent is targeting, will experience strong pricing pressure. We think that ASPs may fall dramatically over the next two years (before the company gets to full scale production) imperiling the company's business model...We already have the lowest revenue estimate on the street for 2010 ($9 million vs consensus of $51 million) and we believe street estimates will now move more in-line with ours."