Jefferies keeps 'Buy' on Energy Conversion Devices

The Rochester Hills, Mich.-based company on Monday posted a profit in its latest quarter as revenue doubled. Energy Conversion Devices, which produces solar laminates, earned $12.7 million, or 29 cents per share, compared with a loss of $7.6 million, or 19 cents per share, in the year-ago period.

On average, analysts polled by Thomson Reuters expected a profit of 26 cents per share.

Analysts at research firm Jefferies said they expect the company to continue generating significant earnings growth over the next few years due to an improving gross margin picture in its solar business. They noted that the company's profitability was helped by ramping up new facilities ahead of schedule.

The analysts trimmed their share price target to $50 from $96.

Shares of Energy Conversion Devices lost $2.29, or 6 percent, to $35.75 shortly after the market opened. The stock has ranged from $20.47 to $83.33 over the past year.