Energy Conversion Devices Inc. will continue to see strong earnings growth in the coming years, an analyst said Friday, boosting his price target on the maker of solar energy products.

Shares of several solar power companies mostly rose with the broader market Thursday as a Cowen & Co. analyst set an "Outperform" rating for some companies in the sector and said worries about declining module average selling prices have been overstated.

Solar energy product maker Energy Conversion Devices Inc. said Thursday it swung to a profit in its fiscal 2008 fourth quarter on higher sales and stronger gross margins.

The future of this renewable energy source is bright,  especially since it's expected to be  cost-competitive within five years. And the US is well-positioned to benefit.