Evergreen Solar’s shares continued to get pummeled Friday as financial analysts questioned the company’s ability to survive.

The Marlboro, Mass.-based company (NSDQ: ESLR) posted losses for the fourth quarter and 2008, and its CEO Richard Feldt said yesterday the company is looking at contracting manufacturers to make solar cells and assemble them into panels. That change of strategy doesn’t sound so great to some of the analysts, who have cut their share price targets.

Evergreen’s stock slid nearly 15 percent to reach $1.90 per share in recent trading. The shares began falling after the company announced its earnings yesterday afternoon.

Evergreen is in the business of making silicon wafers, cells and panels. The company is proud to point out on its Website that it can do all three “under one roof for quality control.� It has had a tough time raising money to build its next factory, yet it needs the new capacity to deliver multibillion dollars worth of contracts over the next five years.

Outsourcing manufacturing would save the company millions, Feldt said.

His announcement over a conference call prompted a lot of questions from financial analysts, who tried to probe for details about the outsourcing costs and how this change would improve the company’s finances.

But Evergreen is only in discussions with contract manufacturers, so Feldt said he didn’t have details to offer. He said those manufacturers are looking for opportunities in the solar industry because their main business of producing electronics isn’t going so well.