From American Technology Research analyst David Edwards' November 7th note to clients:
ESLR (BUY): Solid, On Target Quarter. ESLR announced solid results for Q305, beating our and consensus estimates on the top and bottom line. Management stated that the expansion in Germany is on target and that production will start at the end of Q106 and ramp to full production in the July timeframe. Management also stated that the R&D progress on thin-film is on target and that it expects to scale the use of thin-film in Marlboro in Q1. Separately, ESLR announced a deal with PowerLight Corporation, a leading solar project developer based in Berkeley, CA. The deal guarantees sales of $70M over the next four years and allows for $170M in sales based on defined options. While we believe that the current stock price accounts for high expectations, we believe that those expectations are warranted over the long-term and maintain our BUY rating.
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