KLEINAEIND note 07 08 13.pdf

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Required disclosures appear in the Appendix.
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Alternative Energy Industry Update

Michael Klein [phone]
[e-mail] July 8, 2013

Dropping Coverage due to Analyst Departure.

ALTERNATIVE ENERGY

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2

Avista Corporation (AVA - NEUTRAL)
Action Date Px Rating PT
Initiation 5/18/11 25.3 Neutral 27
PT 11/2/11 24.8 25
PT 2/16/12 25.4 26
PT 5/1/13 28 28

Black Hills Corporation (BKH - NEUTRAL)
Action Date Px Rating PT
Initiation 4/2/13 43.9 Neutral 45

Cleco Corporation (CNL - NEUTRAL)
Action Date Px Rating PT
Initiation 9/22/10 29.1 Neutral 30
Rating 11/1/10 31.3 Suspended 30
Initiation 6/19/12 41.8 Neutral 42
PT 10/31/12 42.9 44
PT 4/30/13 48.8 46

El Paso Electric Company (EE - NEUTRAL)
Action Date Px Rating PT
Initiation 7/14/11 33.3 Neutral 37
PT 8/3/11 34.3 40
Rating 8/9/11 30.7 Buy 38
PT 8/9/11 30.7 38
Rating 9/15/11 31.4 Neutral 34
PT 9/15/11 31.4 34
PT 5/2/12 30.5 32
PT 8/1/12 33.8 34
PT 11/1/12 33.6 36

Gevo Inc. (GEVO - BUY)
Action Date Px Rating PT
Initiation 3/13/12 9.1 Buy 16
PT 6/29/12 4.8 11
PT 9/25/12 3.3 7
PT 10/8/12 2.1 6
PT 3/21/13 2.2 7

IDACORP Inc. (IDA - NEUTRAL)
Action Date Px Rating PT
Initiation 9/21/12 42.7 Neutral 45
PT 11/2/12 44.8 47
PT 5/2/13 48 51

ALTERNATIVE ENERGY

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3

NorthWestern Corporation (NWE - NEUTRAL)
Action Date Px Rating PT
Rating 11/1/10 29.8 Suspended 34
ACHG 5/18/11 32.9 Neutral 37
Rating 8/9/11 29.4 Buy 37
PT 9/1/11 33.9 39
PT 7/3/12 37.2 41
PT 2/14/13 38.3 43
PT 4/10/13 40.4 45
Rating 5/1/13 43 Neutral 45

Ormat Technologies, Inc. (ORA - BUY)
Action Date Px Rating PT
Initiation 12/11/12 18.9 Buy 24
PT 5/8/13 22.4 27

Otter Tail Corporation (OTTR - NEUTRAL)
Action Date Px Rating PT
Initiation 1/19/11 22.9 Buy 29
PT 5/10/11 22.9 27
PT 8/9/11 18.7 25
Rating 1/31/12 22.4 Neutral 23
PT 1/31/12 22.4 23
PT 8/7/12 23.3 25
PT 3/20/13 30.7 27

Solazyme Inc. (SZYM - BUY)
Action Date Px Rating PT
Initiation 3/13/12 13.8 Buy 19
PT 4/3/12 14.3 21
PT 1/18/13 7.2 19
PT 6/24/13 10.9 16

UNS Energy Corporation (UNS - NEUTRAL)
Action Date Px Rating PT
PT 8/3/10 32.4 37
Rating 11/1/10 35.1 Suspended 37
Initiation 4/2/13 35.1 Neutral 50

Appendix

Required Disclosures

The Sidoti & Company, LLC (Sidoti) Equity Research rating system consists of BUY and NEUTRAL recommendations. BUY
suggests capital appreciation of at least 25% from initiation of coverage over the next 12 months, while NEUTRAL denotes that a
stock is not likely to provide similar gains over a 12-month period. As of 07/08/13, Sidoti provides research on 511 companies, of
which 344 (67%) are rated BUY and 167 (33%) are rated NEUTRAL. Of the NEUTRALS, 67 trade above our price targets. A risk to
our price target is that the analyst’s estimates or forecasts may not be met. This report contains forward-looking statements, which
involve risks and uncertainties. Actual results may differ significantly from such forward-looking statements. Factors that may cause
such a difference include, but are not limited to, those discussed in the “Risk Factors” section in the SEC filings available in electronic
format through SEC Edgar filings at www.sec.gov. The research analyst certifies that this report accurately reflects his/her personal
views about the subject securities and issuers and that none of the research analyst's compensation was, is or will be directly or
indirectly related to the analyst's specific recommendations or views contained in this research report. Sidoti does NOT own securities
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