Citigroup, Inc (NYSE: C) Reiterates “Hold” Rating on Energy Conversion Devices Inc (Nasdaq: ENER)

Citigroup, Inc (NYSE: C) analysts reiterated a “hold” rating on shares of Energy Conversion Devices Inc. (Nasdaq: ENER) with a price target of $7.00 citing that the company has a structural disadvantage, but that higher demand in the coming quarters will mask demand.

Energy Conversion Devices, Inc. (ECD), through its subsidiaries, commercializes materials, products and production processes for the alternative energy generation (primarily solar energy), energy storage and information technology markets. The Company designs, manufactures and sells photovoltaic (PV) products, known as PV or solar laminates that generate renewable energy by converting sunlight into electricity. ECD’s products are particularly suitable for rooftop and building integrated photovoltaic (BIPV) applications, which are its target markets. The Company also receives fees and royalties from licensees of its nickel metal hydride (NiMH) battery technology, and sells nickel hydroxide used in NiMH batteries. ECD has two business segments: United Solar Ovonic and Ovonic Materials. In August 2009, ECD acquired Solar Integrated Technologies Inc. Subsequent to the fiscal year ended June 30, 2009, the Company completed the sale of its interest in Cobasys LLC, its former joint venture.

Shares of ENER traded up 2.57% hitting $4.39 during mid-day trading on Wednesday.

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