STOCKS NEWS EUROPE-Phoenix Solar down on '09 sales outlook

Shares in Phoenix Solar (PS4G.DE) fall 5.7 percent, making them the sharpest decliners among German tech stocks .TECDAX, after the solar energy specialist reports disappointing third-quarter figures and slashes its 2009 sales outlook.

"The lower-than-expected sales were due to a very poor performance in the companies Power Plant unit, whose sales were down by nearly 80 percent on a quarterly basis," says WestLB analyst Katharina Cholewa.

"We presume that delays in both the project financing and the procurement of modules may well have been the reasons for the disappointing performance in the Power Plant segment," she adds. Deutsche Bank analyst Hermann Spellmann, who has a "hold" rating on the company, says: "The profit warning and magnitude of Q3 miss should lead to further short-term trading opportunities."

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