Kaufman Brothers Still Bullish on Akeena Solar In Spite of Weak Q2

8/7 - "Akeena Solar's (AKNS) Q2 earnings were a flop yesterday. The solar power systems installer missed consensus on EPS (-$0.18 vs. -$0.16 consensus) and completely blew revenue ($7.1 million vs. $11.1 million consensus).

But AKNS bull, Theo O'Neill of Kaufman Bros., is unfazed:

'We are positive on these shares as we believe that management has hands-down developed the best residential solar solution based on appearance and price. We are positive because we believe that Akeena would make an ideal acquisition target when the solar industry begins consolidation.'

'We believe the now accepted loss of the Federal Investment Tax Credit in 2008 is the reason for the miss. All other indicators of demand remain very high. The 18-month depletion of the solar residential credits resulting in $170 million of residential solar panels in the New Jersey program and the demand in the solar program in Connecticut demonstrate the robustness of demand.'

"Kaufman Bros. maintains BUY on Akeena Solar (AKNS), target $12."