While some solar stocks have attracted analysts' ire today, Energy Conversion Devices (ENER: sentiment, chart, options) was treated to a bullish initiation at Wedbush Morgan. The brokerage firm started coverage of the stock at "buy" with a $62 price target, implying about 15% upside from ENER's closing price on Monday. However, ENER couldn't escape the wrath of Piper Jaffray, which slashed its earnings estimates and price targets across the solar sector.

Thanks to the gloomy tone set by Piper and Goldman Sachs, ENER has shed more than 9% today. The shares are still up 60.5% year-to-date, but they've dipped below their 10-month moving average for the first time since March.

At midday, the most active option on ENER is the newly in-the-money October 50 put. This strike has seen volume of 1,076 contracts cross the tape on open interest of 2,232. On the whole, option players are relatively complacent toward the security. Its Schaeffer's put/call open interest ratio (SOIR) checks in at 0.69, in the 48th annual percentile.