US cleantech primer barclays (2011)

Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. This research report has been prepared in whole or in part by research analysts based outside the US who are not registered/qualified as research analysts with FINRA. PLEASE SEE ANALYST(S) CERTIFICATION(S) AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 281. EQUITY RESEARCH 10 November 2011 U.S. CLEAN TECHNOLOGY & RENEWABLES INITIATING COVERAGE: GREEN SHOOTS WILL TAKE TIME TO BLOSSOM Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 3 Initiating Coverage: Green Shoots Will Take Time to Blossom While Near-Term Headwinds Remain, Rising Energy Demand a Long-Term Positive: “Once bitten, twice shy” sums up investor sentiment, which has reached a low point, bringing valuations in the clean technology and renewables sector at or below recessionary lows. However, despite near-term investor pessimism, rising energy demand spurred by global population growth, coupled with low market penetration, suggests a multi-year secular growth opportunity that is too big to ignore. The need to fill the gap between energy needs and what fossil fuels can provide, together with growing private sector investment even in a challenging macro environment, supports our more sanguine view in the long term. Balancing near-term headwinds and long-term positives, we initiate coverage with a Neutral view on the sector. Despite a Challenging Environment, We See Pockets of Opportunity in Electric Vehicles and Energy Efficiency: As government stimulus and regulatory incentives diminish amid macro challenges and a focus on fiscal austerity, the next phase of development for the industry will be demand driven, fueled by technologies that provide an attractive cost/value proposition. We see pockets of opportunity in electric vehicles and energy efficiency over markets such as Light Emitting Diodes (LEDs) and solar, which are still digesting the dual challenges of overcapacity and tightening incentives. Consolidation driven by capital needs, scale, and high barriers to entry will accelerate in the next 6-12 months, enabling those that traverse to the next phase of the industry to capitalize on underpenetrated but significant market opportunities. Our Top Picks are TSLA, ELT, AMRC, and PWER: Telsa Motors (TSLA) is our preferred stock in the electric vehicle space. The company is well positioned to capture market share as it provides a premium product to a premium consumer. In the energy efficiency space, we believe Ameresco (AMRC) is best placed to benefit from federal mandates. In smart grids, Elster (ELT) is best positioned to capture the next wave of stimulus spending in Europe, relative to its peers. Lastly, we consider Power-One Inc. (PWER)’s rising share in a comparatively less commoditized market in the solar food chain attractive. We also initiate coverage on AONE, FSLR, GTAT, and ITRI with 2-Equal Weight ratings. Diminishing Incentives Pose Major Risk: The successful trajectory of select sub-markets depends on the ability to evolve into viable and competitive economic models. A prolonged macro recovery could derail opportunities for sector growth as select technologies would be unable to build the scale needed to compete with incumbent solutions. U.S. Clean Technology & Renewables 2-NEUTRAL Amir Rozwadowski 1.212.526.4043 amir.rozwadowski@barcap.com BCI, New York U.S. Display & Lighting Amir Rozwadowski 1.212.526.4043 amir.rozwadowski@barcap.com BCI, New York Olga Levinzon 1.212.526.9134 olga.levinzon@barcap.com BCI, New York U.S. Autos & Auto Parts Brian A. Johnson 1.212.526.5627 brian.johnson@barcap.com BCI, New York European Clean Technology & Sustainability Rupesh Madlani +44 (0)20 3134 7503 rupesh.madlani@barcap.com Barclays Capital, London Arindam Basu +44 (0)20 3134 7216 arindam.basu@barcap.com Barclays Capital, London European Technology Hardware Andrew M. Gardiner, CFA +44 (0)20 3134 7217 andrew.gardiner@barcap.com Barclays Capital, London Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 4 Summary of our Ratings, Price Targets and Earnings Estimates in this Report Company Rating Price Price Target EPS FY1 (E) EPS FY2 (E) Old New 08-Nov-11 Old New %Chg Old New %Chg Old New %Chg U.S. Clean Technology & Renewables 0-NR 2-Neu A123 Systems Inc. (AONE) N/A 2-EW 3.16 N/A 4.00 - N/A -1.92 - N/A -1.54 - Ameresco Inc. (AMRC) N/A 1-OW 11.18 N/A 14.00 - N/A 0.76 - N/A 0.92 - Elster Group SE (ELT) N/A 1-OW 14.35 N/A 18.00 - N/A 1.10 - N/A 1.22 - First Solar Inc. (FSLR) N/A 2-EW 47.55 N/A 52.00 - N/A 7.05 - N/A 7.94 - GT Advanced Technologies Inc. (GTAT) N/A 2-EW 8.00 N/A 9.00 - N/A 1.53 - N/A 1.66 - Itron Inc. (ITRI) N/A 2-EW 38.17 N/A 41.00 - N/A 4.07 - N/A 3.93 - Power-One Inc. (PWER) N/A 1-OW 5.53 N/A 7.00 - N/A 0.82 - N/A 0.68 - Tesla Motors Inc. (TSLA) N/A 1-OW 31.84 N/A 38.00 - N/A -2.15 - N/A -1.97 - Source: Barclays Capital Share prices and target prices are shown in the primary listing currency and EPS estimates are shown in the reporting currency. FY1(E): Current fiscal year estimates by Barclays Capital. FY2(E): Next fiscal year estimates by Barclays Capital. Stock Rating: 1-OW: 1-Overweight 2-EW: 2-Equal Weight 3-UW: 3-Underweight RS: RS-Rating Suspended Sector View: 1-Pos: 1-Positive 2-Neu: 2-Neutral 3-Neg: 3-Negative Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 5 CONTENTS OVERVIEW 6 INITIATING ON US CLEAN TECHNOLOGY & RENEWABLES 6 AUTOMOTIVE AND STORAGE TECHNOLOGY 25 STORAGE TECHNOLOGY: A KEY COMPONENT OF XEVS 38 TESLA MOTORS INC. (TSLA; 1-OVERWEIGHT/2-NEU); PRICE TARGET $38 51 A123 SYSTEMS INC. (AONE; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $4 68 ENERGY EFFICIENCY SOLUTIONS I: ENERGY SERVICE COMPANIES (ESCOS) 80 AMERESCO INC. (AMRC; 1-OVERWEIGHT/2-NEU); PRICE TARGET $14 90 ENERGY EFFICIENCY SOLUTIONS II: SMART GRIDS 104 ELSTER GROUP SE (ELT; 1-OVERWEIGHT/2-NEU); PRICE TARGET $18 122 ITRON INC. (ITRI; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $41 133 ENERGY EFFICIENCY PRODUCTS: LIGHTING 148 CREE INC. (CREE; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $31 160 AIXTRON AG (AIXG; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $11 164 VEECO INSTRUMENTS INC. (VECO; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $25168 SEMILEDS CORP. (LEDS; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $5 172 ENERGY GENERATION: SOLAR 176 POWER-ONE INC. (PWER; 1-OVERWEIGHT/2-NEU); PRICE TARGET $7 203 GT ADVANCED TECHNOLOGIES (GTAT; 2-EW/2-NEU); PRICE TARGET $9 216 FIRST SOLAR INC. (FLSR; 2-EQUAL WEIGHT/2-NEU); PRICE TARGET $52 232 APPENDIX – FINANCIAL MODELS 244 Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 6 OVERVIEW Initiating on US Clean Technology & Renewables When it comes to clean tech stocks, “once bitten, twice shy” probably sums up investor sentiment at present, and regular negative news flow only strengthens resolve to keep away from investing in the sector. However, despite the multiple reasons to be shy of the space in the near term, there are still good reasons to keep it in focus for longer-term opportunities, and thus proceed with caution. Most important, energy demand is not going away, it’s increasing, along with the world’s population. With fossil fuels only able to do so much, the supply gap will have to be filled by other sources of energy. Yes, investing in the clean technology and renewables sector is messy — complex, risky, uncertain — and the road to the future will be bumpy, but in our view, there are clearly pockets of opportunity both now and in the long term for those up to the challenge. Given expectations for near-term industry contraction — balanced by our view that the sector is still at the early stages of a secular growth cycle — and current modest valuations, we initiate coverage on the U.S. Clean Technology & Renewables sector with a 2-Neutral rating. Headwinds…Long adoption cycles, high investment requirements, complex end markets, and regulatory influence are some of the defining characteristics of the industry. Moreover, while investment levels in clean technology and renewables have been rising, recent developments such as declining government incentives that have been supporting growth over the last few years have increased concerns about the viability of various business models within the space. The current backdrop is a combination of increased regulatory scrutiny and rising fiscal austerity measures, which are curbing incentive programs designed to help drive increased adoption. In other words, key geographies that have historically provided supportive initiatives through regulatory policies are facing broader macroeconomic headwinds and thus the ability to support incentives is diminishing in what is still a nascent market. In our view, these factors have led to heightened attention on near- term execution because quite frankly there is limited visibility to how, and on what trajectory, many of these end markets will develop over time. From a public equities standpoint, valuation levels are at or below recent recessionary lows. This clearly indicates that investors are expressing their cautious view on the ability of companies to survive the near term in order to thrive in the longer term. Declining risk tolerance has also clearly impacted the entire sector regardless of specific end market trends or company-specific execution. Tailwinds While we expect near-term headwinds to persist, we do believe that there are significant near-term opportunities in the sector, and that broadly the clean technology and renewables space is still at the very early stage of a multi-year secular growth cycle. Across multiple end markets, penetration remains at the early stages. For example, electric vehicles represent a modest 1.3% of total automobile shipments globally, LEDs represent less than 2% of the total general lighting market, and renewables represent only about 3% of power generation globally. Factors such as resource viability, economic sensibility and even national security in some cases will continue to drive developments and steady investment in the industry and provide longer-term tailwinds supporting broader growth. After an expected period of consolidation, we believe the next phase of the industry’s growth will be demand led, and thus look toward sectors within the broader industry that will be supported by sustainable demand improvement rather than incentivized supply growth. The technology is clean; however, investing in the sector is messy. Will companies survive in the short term to thrive in the long term? Diminishing incentives are accelerating the industry’s maturation in the near-term. Penetration across multiple end markets is still low. Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 7 Looking at the big picture, by 2050, the earth’s population is expected to reach 9 billion (from 7 billon now) increasing the overall demand for energy as billions more people will be seeking energy resources. As a result, new and more efficient means of resource allocation and consumption will be needed. Near term, however, due to diminishing incentives, the industry is being forced into an accelerated maturation process. Therefore, companies that can bridge the gap from today’s challenging backdrop to the next phase of growth should be well positioned to capitalize on what should be significant opportunities in the long term. We believe vendors that have proven technological advantages, have the ability to scale, are well capitalized, and have sustainable operating models are best positioned to make this transition in the near term, and position themselves to thrive in the long term. US Clean Technology & Renewables – Quick Take As previously mentioned, we believe the next phase of the evolution of the clean technology and renewables sector will be demand led (rather than incentivized supply growth), and thus believe that investors will be best positioned by building exposure to those sectors that have comparatively less reliance on incentives. We recognize that the broader sector will continue to depend on government support and regulatory incentives, particularly since the sector is still at the early stages of development. However, we look for those areas that have less risk of further consolidation and can provide differentiated value to specific end markets, thus spurring ongoing and steady growth in demand. By end market, we are thus relatively positive on the near-term outlook for the electric vehicle market, particularly vendors that provide comparative performance metrics to available internal combustion engine alternatives. We believe the increasing availability of broader options by established automotive OEMs should enable increased consumer awareness, and those vendors that cater to high discretionary income customers should be better positioned toward capitalizing on early adopters in the market. We also like the energy efficiency market, which we believe is the “low-hanging fruit” of the clean technology and renewables space. We believe that the installation of newer, more energy-efficient solutions (e.g., lighting, building management systems) is the easiest way to reduce energy costs, particularly since residential and commercial energy use is one of the highest outlays in the U.S. market. In our view, the energy service company (ESCO) market is an attractive way to capitalize on broader energy efficiency trends, but also provides a stable longer-term tailwind given exposure to long-term, highly visible, cash- generative contracts. We have mixed views on the smart grid opportunity, particularly given the expected reduction in large contract awards in the United States over the next few years. As adoption cycles are generally slow among risk-averse utilities, we believe that the best way to gain exposure to the space is to position for upcoming stimulus/regulatory incentives which help to increase the deployment cycle of the technology. We see healthy demand beginning in late 2012/early 2013 driven by regulatory requirements in Europe and ongoing traction internationally, and thus would look toward an improvement in market demand in a year or two. The two other markets that we examine — the LED market and Solar market — share similar qualities. Both are: 1) somewhat dependent near term on regulatory incentives to drive adoption, though the latter more so; 2) impacted by pricing trends at tier-2 and tier-3 competitors, many of which are making little to no profit; 3) ripe for consolidation and, more likely, rationalization as select vendors need to exit the market in order to support the Energy demand is not going away, it’s increasing, along with the world’s population. With fossil fuels only able to do so much, the supply gap will have to be filled by other sources of energy. Investors will be best positioned by building exposure to those sectors that have comparatively less reliance on incentives. Near term, we like the electric vehicle market the most. The ESCO market is our next favorite. We have a mixed view on smart grid stocks. Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 8 longer-term health of each industry. We thus do not consider it an opportune time to actively call the “survival trade” in the market, and would wait for further evidence of the stabilization of near-term trends to begin to look for longer-term plays in each market. Figure 1: U.S. Clean Technology and Renewables Industry Snapshot Automotive and Storage Technology Energy Efficiency Solutions: Energy Service Companies Energy Efficiency Products: Smart Grids Energy Efficiency Products: Lighting Market Growth Share Gains Margin Expansion Energy Generation: Solar TotalValuation Risk/ Capitalization Source: Barclays Capital research In choosing our picks for the sector, we align our ratings with our industry preferences and how to be best positioned for both near-term and longer-term expected market developments. We therefore initiate coverage on Tesla Motors (TSLA) with a 1-Overweight rating as our preferred play in the electric vehicle & storage technology subsector as we believe the company is well positioned to capture share in the electric vehicle market as a premium provider of automobiles. Our view on A123 Systems (AONE) is positive longer term, as we believe the company is well positioned to capture opportunities as an independent provider of batteries to the electric vehicle market. However, near-term dependency on emerging OEMs (e.g., Fisker, Smith Electric) is likely to remain a headwind, along with the company’s stated need for further capital injection in and around 2013 to meet its strategic plan. We thus initiate coverage on AONE with a 2-Equal Weight rating. In the energy efficiency space, Ameresco (AMRC) is our top pick. While we recognize that contract awards are likely to remain lumpy, particularly for the municipality, university, school and hospital (MUSH) markets, we believe longer-term trends for energy efficiency contracts are positive, particularly in the federal market. We thus consider Amersco’s ESCO business model comparatively defensible in the current environment, and thus like its longer-term visibility and cash generative characteristics. Looking to smart grids, we expect market growth to remain steady, punctuated by periods of acceleration due to regulatory incentives/government stimulus. Moreover, as utilities are largely risk averse, we believe competitive displacement is less likely, and thus look for vendors positioned to capitalize on the next wave of stimulus/regulatory supported spending for opportunities in the smart grid sector. Elster (ELT) emerges as our top pick in the sector, largely as it generates close to 68% of revenues from international markets, 45% Our top sector picks are TSLA, AMRC, ELT, and PWER. Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 9 of which come from Europe where the next leg of spending should emerge in late 2012/early 2013. Ultimately, we believe that Itron (ITRI) should garner its fair share of international awards, though near-term headwinds associated with its North American business (the company’s largest geography by reviews) along with a shift in its management keeps us on the sidelines for now. In the LED arena, we are reducing our outlook for the market, and thus remain cautious broadly in the sector. However, we are not changing our prior view on the sector, whereby we continue to favor the component vendors (CREE and LEDS) over the equipment suppliers (VECO, AIXG), though our industry caution keeps us at a 2-Equal Weight on all of the stocks within the sector. Finally, with respect to solar, as recent preannouncements have highlighted (too numerous to list in a concise format), the industry continues to remain under pressure given limited visibility on the trajectory of demand against a backdrop of diminishing subsidies. We do believe that there is a light at the end of the tunnel, and look for recent pricing declines across the food chain to accelerate the ability to achieve grid parity. However, while we believe all of our covered companies within the solar sector will be survivors, we believe it is too early to advocate going full speed into solar given limited visibility on when stability in the market will emerge. Power-One (1-Overweight) is our top relative sector pick as we believe the company is well positioned to gain share in the growing North American and Indian markets, and we believe the inverter market is less likely to be commoditized vs. other areas of the solar value chain. That said, we recognize that the company’s performance is unlikely to be completely divorced from broader solar market demand where we continue to see downward pressure. We also initiate coverage on First Solar (FSLR) and GT Advanced Technologies (GTAT) with 2-Equal Weight ratings. Figure 2: U.S. Clean Technology and Renewables Company Initiation Snapshot Market Potential Likelihood Current Price Growth For Share of Mar g in Barriers Ca p ital- Risk Com p an y Ticker Ratin g Price Tar g et Potential Gains Ex p ansion t o Entr y ization Profile Valuation Automotive/Storage Tesla TSLA 1-OW $31.84 $38.00 A123 Systems AONE 2-EW $3.16 $4.00 Energy Efficiency Solutions: Energy Service Companies Ameresco AMRC 1-OW $11.18 $14.00 Energy Efficiency Solutions: Smart Grids Elster ELT 1-OW $14.35 $18.00 Itron ITRI 2-EW $38.17 $41.00 Energy Generation: Solar Power-One PWER 1-OW $5.53 $7.00 GT Advanced Technologies GTAT 2-EW $8.00 $9.00 First Solar FSLR 2-EW $47.55 $52.00 Source: Barclays Capital, FactSet. Pricing is as of 11/8/11 market close. Stock rating: 1-OW = 1-Overweight; 2-EW= 2-Equal Weight. Sector rating is 2-Neutral. Barclays Capital | U.S. Clean Technology & Renewables 10 November 2011 10 Defining the US Clean Technology & Renewables Sector Defining what makes up the U.S. Clean Technology & Renewables space is somewhat of a difficult task given the vast number of markets that are a part of the broader industry. A common theme among participants is that they are all looking to optimize or enhance energy production and/or utilization while minimizing associated costs. For practical purposes, we segment the market into four major categories: 1) Energy Generation (non-fossil fuel resources such as solar, wind, biomass, and geothermal), 2) Automotive/Energy Storage (electric vehicles and energy storage technologies), 3) Energy Efficiency Solutions (smart grids, comprehensive energy efficiency practices, facilities management), and 4) Energy Efficiency Products (lighting, building materials) Figure 3: U.S. Clean Technology and Renewables Market Sub-Market Key Drivers Key Challenges Covered Companies Automotive/Energy Storage EVs and Batteries • Rising energy prices • Timely product launches • Strong initial momentum • Range anxiety • Reliance on government support • Tempered macro backdrop • Tesla Motors (1-OW) • A123 Systems (2-EW) Energy Efficiency Solutions Energy Service Companies • Budget-neutral solutions • Significant market opportunity • Ongoing regulatory support • Highly fragmented market • Rising risk profile for MUSH markets • Ameresco (1-OW) Energy Efficiency Solutions Smart Grid • Growing global market with steady adoption cycle • Diversified end market • Limited competition • Adoption cycle timing is key • Maturing North American market • Low priority for utilities • Elster (1-OW) • Itron (2-EW) Energy Efficiency Products Lighting/LEDs • Reduced energy consumption • Higher efficiency • Material pick up in production capacity coupled with weaker demand has led to overcapacity • Cree (2-EW) • Aixtron (2-EW) • Veeco Instruments (2- EW) • SemiLEDS (2-EW) Energy Generation Solar • Lower costs improve value proposition • Expanding global market • Manufacturing overcapacity • Shifting market dynamics (away from historically robust geographies) • Diminishing government support • Power-One (1-OW) • First Solar (2-EW) • GT Advanced Technologies (2-EW) Source: Barclays Capital. Stock rating: 1-OW = 1-Overweight; 2-EW= 2-Equal Weight. Sector rating is 2-Neutral. We define the sector as companies that are focused on optimizing/enhancing energy production or utilization while minimizing associated costs. [...]... mass market vehicle Fiscal Austerity Accelerates Business Model Scrutiny With rising fiscal austerity, we expect increased scrutiny on business model viability Rising fiscal austerity is clearly a headwind impacting the trajectory of the clean-tech sector and ultimately tightens the time horizon in which a company gets to prove its viability as a stand-alone operating business The United States, Europe,... general lighting) we expect gradual penetration over time As previously highlighted, the renewables and clean technology sector is an industry focused on the optimization or enhancement of energy production and/or utilization while minimizing associated costs Thus the industry itself will have to continue to receive investment because the very challenges it is looking to address are simply not going... November 2011 28 Barclays Capital | U.S Clean Technology & Renewables Definition of the Electric Vehicle (xEV) Market For electric vehicles, we refer to all the technologies that employ some sort of electrification compared to traditional internal combustion engine technology Internal Combustion Engine (ICE): The dominant technology used in the automotive industry Fuel is injected into a combustion chamber... some sort of electrification or by fully replacing the ICE 29 Barclays Capital | U.S Clean Technology & Renewables Figure 21: Regulation and Current Auto Manufacturers Emissions Emissions targets in gCO2/km 180 160 160 140 125 120 120 102 95 100 80 60 40 20 0 Europe 2012 Europe 2020 Japan 2016 US 2020 US 2025 Source: Barclays Capital, Industry data xEVs are Increasingly Becoming Cost Competitive Next... maintenance costs (due to stop/go driving patterns) 10 November 2011 32 Barclays Capital | U.S Clean Technology & Renewables We Recognize it’s Not Just about TCO, but Total Value In our view, adoption is not just about TCO, but the total value provided to the end user including performance vs traditional ICE models A TCO calculation is just one component of market adoption Certainly, the math has to work... JD Power, IEA, Barclays Capital 2019 2020 0 2011 2012 2013 USA 2014 China 2015 Japan 2016 2017 2020 Europe Source: JD Power, Auto-manufacturers press releases, Barclays Capital However, given certain regional dynamics, we believe the following trends are likely characteristics of the major markets over the next few years The US has the Potential for Healthy Growth in all EV Segments The US is one of... acquire new pipelines or project portfolios and enhance geographic positioning In the 10 November 2011 17 Barclays Capital | U.S Clean Technology & Renewables ESCO business, relationships with the MUSH markets (municipalities, universities, schools, and hospitals) in different locations across the industry are essential to winning awards Ameresco made 13 acquisitions over ten years largely to develop its... attractive, driving the industry toward grid parity Retailing/Wholesale Electricity Prices: The retail and wholesale prices of electricity vary in every region and adoption cycles will accelerate where conventional electricity costs are already high For example, the only U.S state to reach grid parity thus far is Hawaii This is primarily because Hawaii, with high levels of sunshine, uses diesel-generated... markets scale and even brand are important in sustaining market positioning as well In our view, high barriers to entry add an element of sustainability to a company’s ability to drive earnings growth, particularly in combination with the other criteria mentioned previously Capitalization: Although a solid capital structure is critical for success in most industries, it is particularly relevant in the... xEVs, but the broader automotive industry Thus, vendors cannot compete on lower TCO or “green” desires alone, but rather on delivering higher total value to the customer As ICE-based vehicles improve their MPG and reduce carbon emissions, xEV vendors will need to continue to invest in high levels of innovation in order to provide incremental value to the public It’s Not Just the Car For xEVs to proliferate, . N/A 1-OW 11.18 N/A 14.00 - N/A 0.76 - N/A 0.92 - Elster Group SE (ELT) N/A 1-OW 14.35 N/A 18.00 - N/A 1.10 - N/A 1.22 - First Solar Inc. (FSLR) N/A 2-EW 47.55 N/A 52.00 - N/A 7.05 - N/A 7.94. Power-One Inc. (PWER) N/A 1-OW 5.53 N/A 7.00 - N/A 0.82 - N/A 0.68 - Tesla Motors Inc. (TSLA) N/A 1-OW 31.84 N/A 38.00 - N/A -2 .15 - N/A -1 .97 - Source: Barclays Capital Share prices. N/A 7.94 - GT Advanced Technologies Inc. (GTAT) N/A 2-EW 8.00 N/A 9.00 - N/A 1.53 - N/A 1.66 - Itron Inc. (ITRI) N/A 2-EW 38.17 N/A 41.00 - N/A 4.07 - N/A 3.93 - Power-One Inc. (PWER)