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Suntech (STP) Hit With Sell Rating
It was a crazy week last week for me so I need to catch up a bit in the world of green stocks! On Thursday of last week, Suntech Power (STP) was hit with a sell rating and price target of $16 by Hapoalim Securities (who?) saying they are impressed by the cost structure of the company but believes their 35 – 45%% exposure to Spain and nearly 85% exposure to Europe will hurt them in 2009 as biz with Spain decreases right along with the value of the Euro.
According to StreetInsider.com, an analyst from Hapoalim said, “We are fully aware of the bullish argument for Suntech, supported by increased contract versus spot poly-Si sourcing, and advances in PV cell efficiency conversion, thereby allowing lower unit costs without any added expense. However, we have factored these positives into our proprietary earnings driver model, and still arrive at estimates significantly below the Street in 2009.”
Technically, STP is showing some signs of capitulation and support around 20 after dropping around 50% just in the past few weeks alone. It’s interesting to note that the stock now trades at levels not seen since it first IPO’d back in late 2005
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