Evergreen Solar (Nasdaq:ESLRD) Will Continue to Struggle

Wedbush says they don't see much light at the end of the tunnel for Evergreen Solar (Nasdaq:ESLRD), which they see continuing to struggle on the weak macro environment, but also on operation issues they have seemingly always had.

Wedbush said concerning the recent stock split, the "company's shares will move to trading on the Nasdaq Capital Market from the Nasdaq Global Market. The company announced a restructuring plan in early December that includes the replacement of existing convertible debt, issuance of new convertible debt to raise capital, and doubling of authorized common stock to 240 million shares post-split in addition to the execution of the reverse stock split."

Wedbush is maintaining their "Underperform" rating on Evergreen Solar Inc., which closed Monday at $3.29, down $0.21, or 5.95 percent.