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http://www.newenergyworldnetwork.com/renewable-energy-news/by-technology/solar-by-technology-renewable-energy-news/pv-crystalox-to-benefit-from-low-feedstock-costs-says-piper-jaffray.html

PV Crystalox, which manufactures multicrystalline silicon ingots and wafers for use in solar power generation systems, should benefit from reduced feedstock costs as it ramps up in-house production, according to Piper Jaffray.

In a broker note, Piper Jaffray said demand for the company’s wafers remains strong, which has led to more stable pricing.
It said it was assuming coverage of PV Crystalox with an overweight rating and increase the price target to 76 pence.
In August, the company reported a sharp drop in first half profit, which fell to €6.65m from €16.40m for the same period the year before.
Dr Iain Dorrity, CEO of PV Crystalox, told Newnet at the time that he expected to see strong demand for its products for the remainder of the year.
He said the first half of the year was stimulated in Europe by the anticipation of cuts to the German feed-in tariff and growing demand from Asian manufacturing hubs.
The Piper Jaffray note said the most significant cost reduction for the company will be the ramp up of its Bitterfield silicon facility in the UK, which will allow it to produce silicon for of €26 to €27 per kilogram.
‘With approximately €77m of cash and virtually no debt, PVCS boasts one of the strongest balance sheets in the clean technology industry,’ it said.