UPDATE: Citi Lowers PT on Energy Conversion Devices to $1.00 (ENER)

Citi is out with its report today on Energy Conversion Devices ENER, lowering its PT from $2 to $1. In a note to clients, Citi writes, "We rate ENER Sell (3S) with a $1.00 target. Book value at the end of FQ3:11 (Mar) was ~$1.25 a share, but with continued losses on the horizon, this value declines in the coming quarters. While we've attributed some value to the more than $400M in accumulated NOLs for ENER in the past, we increasingly believe they could be of limited value to ENER as long as it continues to generate losses. Furthermore, an acquirer might be restricted in using the entire amount. Based on book value of ~$0.50/share and valuing the NOLs at a similar amount gets us to our target price of $1/share." Shares of ENER closed Tuesday at $1.50, down 14.29% from Monday's close.