oh dear10 Feb 2010 17:08
Disappointing fourth quarter figures from European solar energy giant REC Group have had a knock on effect on UK solar panel silicon wafer maker PV Crystalox Solar (LSE: PVCS.L - news) (PVCS). REC's average selling price in its wafer division fell again in the fourth quarter to €0.80 per watt from €0.84 per watt in the third quarter, and broker KBC Peel Hunt believes this bodes ill for PVCS. KBC has cut its price target for the stock from 52p to 42p and now rates the shares a 'sell', having previously rated it a 'hold'.