Brigantine Advisors Initiates Coverage Of Suntech Power (STP) With Hold: "Fairly Valued"

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10:11:24 am on March 10, 2010

Brigantine Advisors has initiated coverage on Suntech Power (STP) with a Hold rating.  Hat tip to Street Insider for the following analyst comment:

“Suntech is the world’s second largest manufacturer of solar modules, with shipments rising 42% Y/Y in 2009 on a Megawatt basis. Solar module pricing fell sharply in 2009, down nearly 40% Y/Y, and we expect will fall about 30% Y/Y in 2010. The company relies on Germany for about 40% of its sales, and it is unclear what the impact of feed-in-tariff changes there will have on Suntech’s business. At 19x our 2010 EPS, we think the stock is fairly valued at these levels. Our 2010 estimates are generally in-line with the Street, with GAAP EPS of $0.75 on $2.10B in sales vs. consensus of $0.71/$2.07B, while for 2011 we are modestly higher at $1.06 on $2.47B in sales vs. consensus of $0.95/ $2.40B.”

::: >>> Click Here For Your FREE Suntech Analysis

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