Shares of Power-One Inc. fell nearly 9 percent Friday morning following an analyst’s downgrade.
Cantor Fitzgerald equity analyst Dale Pfau downgraded shares from “buy” to “hold,” and lowered his 12-month target price from $7.50 a share to $5.
The Camarillo company makes devices that convert solar or wind energy into useable electricity for residential and commercial uses.
Pfau noted that the Commerce Department on Thursday imposed an immediate 31 percent duty on Chinese-made solar energy components. With most of world's solar panels made in China, he believes the duty will significantly slow what had been a growing U.S. solar market due to the falling price of solar panels. A decline in the European solar market will only compound the challenge.
Power-One shares were down 35 cents, or 8.8 percent, to $3.59 in midday trading on the Nasdaq.