BW Online | August 22, 2001 | RW Baird Cuts Capstone Turbine to 'Market Perform'

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AUGUST 22, 2001

WORD ON THE STREET � From S&P

RW Baird Cuts Capstone Turbine to 'Market Perform'
Analyst Scott Wilkin says the alternative power company warned of sluggish orders, amid softening prices for traditional energy sources

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Robert Baird downgraded Capstone Turbine (CPST ) to market perform from market outperform.

Analyst Scott Wilkin says the alternative energy company's preannouncement of lower-than-expected Q3 sales probably caught most investors off guard; in Q2 the company indicated visibility on Q3 vs. Q2 shipping units. He says California's lack of power problems are largely to blame, as Capstone California made for 30% of Q2 sales.

Wilkin says he's positive on long-term growth but says distribution agreements are developing slowly, and order trends will be lumpy at best. He put his downside risk to shares at around $5. He sees a $0.44 2001 loss, and a $0.36 2002 loss.

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