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One of the biggest decliners on the Nasdaq today has been Emcore (EMKR), which makes fiber-optic components for communications networks, but which also makes solar energy cells using lenses and mirrors, instead of silicon, the more common material used.
The stock was downgraded from "Buy" to "Hold" by Canaccord Adams analyst Jonathan Dorsheimer, who says he just took a trip to South Korea and concluded the that Street's expectations for Emcore's solar deals in Korea may be too high.
Dorsheimer said he toured the facilities of Emcore customer ES System, which on May 5 agreed to buy $28 million worth of photovoltaic cells from Emcore. ES builds and installs solar power systems in South Korea. Dorsheimer writes that after meeting with ES and looking at their manufacturing setup, "Street expectations for 70 megawatts with ES Systems […] are overstated. We identified plans for only 45.5 megawatts, of which only 900 kilowatts is under construction." Calls to Emcore management, writes Dorsheimer, revealed that "management is satisfied the full 70 megawatts will be recognized and completed," but, "our meeting did not inspire the same confidence." Dorsheimer's attempts to meet with a joint-venture partner of Emcore's in Korea, EM Solar, did not succeed because the latter company is "going through a re-org" says Dorsheimer, "none of which bolster our confidence in the previously announced 5.7 megawatts of system sales."
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