Ascent Solar downgraded, shares slide

NEW YORK

Shares of Ascent Solar Technologies Inc. fell on Thursday as an analyst downgraded the solar cell maker on shipment delays.

Shares of the company fell 20 cents, or 5.3 percent, to $3.58 in afternoon trading. The stock has ranged from $2.90 to $8.83 over the past year.

Ardour Capital Investments analyst Adam Krop said his analysis of company filings and a call with management points to a significant delay in shipments of Ascent's building integrated photovoltaics -- solar photovoltaic systems that ares integrated with structures during the building phase.

"The company reported that its undisclosed module encapsulation supplier anticipates certification by the end of 2010, six months behind schedule," said Krop.

While he still expects some shipments in 2010 to off-grid and military customers, Krop cut his 2011 and 2012 revenue expectations to $59 million from $75 million and to $71 million from $176 million, respectively.

Krop downgraded the company to "Reduce" from "Hold" and cut his share price target to $3 from $5.