Evergreen Solar pulls back in premarket; Citigroup says sell into strength

Fri. June 20, 2008; Posted: 08:47 AM

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NEW YORK, Jun 20, 2008 (Thomson Financial via COMTEX) -- ESLR | Quote | Chart | News | PowerRating -- Shares of Evergreen Solar Inc. fell in premarket trading Friday, after Citigroup suggested investors "fade the rally" following the company's analyst day.

The stock gave up 2% to $12.05 ahead of the open on volume of 97,300 shares.

On Thursday, the stock had run up 20% to close at a 5-month high of $12.30; Citi Analyst Timothy Arcuri attributed the gain on better-than-expected cost commentary combined with benign pricing.

"We believe investors should sell into this strength as has been the case on other recent rallies as this could be the bulk of the good news for a while, and the bar is now set high," Arcuri said in a research note.

He reiterated his sell rating and $8.50 price target. Tomi Kilgore tk1

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For full details on Evergreen Solar Inc (ESLR) click here. Evergreen Solar Inc (ESLR) has Short Term PowerRatings of 6. Details on Evergreen Solar Inc (ESLR) Short Term PowerRatings is available at This Link.

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