Nov 06, 2009 (MarketNewsVideo.com via COMTEX News Network) -- This morning, Citigroup downgraded shares of Evergreen Solar (ESLR) from Hold to Sell following yesterday's third quarter results. The company reported better than expected results on higher revenue and attempted to alleviate fears of a dwindling cash position, but analysts at Citigroup were not convinced. The firm slashed its price target from $3 per share down to $1 per share as risks have increased.
Shares of Evergreen Solar were falling on Friday morning, off more than seven percent.
Piper Jaffray downgraded shares of Rosetta Stone (RST) from Overweight to Neutral as sales visibility left analysts with some concerns. Despite yesterday's strong earnings and guidance immprovements, analysts at Piper Jaffray are concerned that year over year sales growth will be difficult to maintain. With the downgrade, the firm reduced its price target from $27 per share down to $19.
In morning trading, shares of Rosetta Stone were falling fast, down more than ten percent so far today.
And KeyBanc downgraded shares of Redd Robin Gourmet Burgers (RRGB) from Buy to Hold as third quarter results were worse than expected. The company lowered its forecast considerably as margins are being hurt by promotions. As a result, the firm has lowered its 2010 EPS estimates to $1.22 per share.
Shares of Red Robin were hit hard by the downgrade, off more than eleven percent this morning.
The preceeding is a transcript of the MarketNewsVideo.com video published at: http://www.marketnewsvideo.com/?id=200911Downgrades110609&mv=1.
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