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Piper On Suntech Power (STP): "Distressed Balance Sheet Keeps Us On the Sidelines"
According to StreetInsider.com, Piper Jaffray is initiating coverage on Suntech Power (STP) today with a Neutral rating and a price target of $13. It calls the company’s current overcapacity, distressed balance sheet and lower utilization a reason to stay on the sidelines until a meaningful pull back in the stock. They believe unabsorbed overhead and lower margin will persist through 2010. On the bright side, they believe the company is a cost leader vs European suppliers and can survive the sharp drop in module pricing.
More on this topic
(What's this?)
Suntech Power Holdings Co. (NYSE: STP): Q4 Earnings Preview 2009
(Stock Wizard, 2/28/10)
Suntech Smashes Estimates and Ramps Production
(Fusion Investing and Analysis, 3/5/10)
Has Suntech Power (STP) Hit Bottom?
(Contrarian Profits, 1/28/09)
What's Missing Here?
(Random Roger's Big Picture, 2/9/09)
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