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NEW YORK (AP) -- Evergreen Solar Inc. shares rose sharply on Friday after an analyst upgraded the solar-products company, saying its wafer cutting technology in development is on track for commercial production. The company's stock gained $1.17, or 10.6 percent, to $12.26 in morning trading. The shares have traded in a 52-week range of $6.97 to $13.21. After visiting the company's production facilities, ThinkEquity Partners analyst Jonathan Hoopes lifted his rating on Evergreen shares to "Buy" from "Accumulate" and raised earnings estimates. Hoopes is "more confident" that Evergreen's so-called Quad Ribbon equipment will produce higher quality silicon wafers using less silicon than traditional machines. "While the next-gen Quad Ribbon wafer technology is still in lab stage, the main technical issues appear to have been resolved, and the company is presently engaged in improving the platform and output," Hoopes said. Evergreen's target to start production in the second half of 2009 is "well within reach," he added. Last week, Evergreen reported improving results, expansion plans and the intention to make an initial public offering for its EverQ joint venture. The company narrowed its third-quarter loss due to cost-control initiatives and profits from its stake in EverQ, which was formed to license Evergreen's ribbon-cutting technology.
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