Macquerie is clearly frustrated with Canadian Solar (CSIQ) and has cut its rating from Outperform to Neutral following the company’s guidance last night in which they indicated a forex hit and a bit of a margin contraction. Maquerie says this 2nd negative revision in two quarters has “weakened its standing with investors” and “two strikes is enough.” They have slashed their 1Q EPS estimate from .53 to .03 and the price target from $35 to … Read the rest
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More Analyst Reactions To CREE Quarter: Generally Bullish But Future Margins A Concern
Piper Jaffray is out with a bullish call as well following the CREE earnings report and is maintaining its Overweight rating and raising the price target from $70 to $88. Hat tip to Street Insider for the following analyst comment:
“LED market remains a compelling growth opportunity. The LED market was roughly $6B in 2008 and we expect it to triple to $18B in 2013 (43% CAGR). Growth rates this high in markets this large … Read the rest
ABB (ABB) Awarded $28 Million Order For Algerian Water Project
ABB just announced that it has been awarded a $28 million order for providing power and automation solutions for an Algerian water project in the Saharan city of Tamanrasset. The project will bring 50,000 cubic meters of water to Tamanrasset from an aquifer approximately 750 km away.
ABB will design, engineer, supply and commission the electrical, control and instrumentation systems. The company will also provide a 220 kilovolt substation and important equipment like transformers, switchgear … Read the rest
Morgan Joseph Reiterates CREE Buy, $100 Price Target
Morgan Joseph is out reiterating its Buy rating on CREE after last night’s earnings report. They also maintain the price target of $100. Hat tip to Street Insider for the following analyst comment.
“Given solid execution and the stronger than expected LED business, we are again increasing our CY2010 revenue and non-GAAP EPS estimates to $1.05bn and $2.00, respectively, from $987mm and $1.88. We are also increasing our CY2011 revenue estimate to $1.34bn from $1.31bn, … Read the rest
American Superconductor (AMSC) Receives Another Follow On Order From Hyundai Industries For Wind Turbine Components
American Superconductor (AMSC) is up a bit in pre-market trading today after announcing it has received another follow on order for 30 sets of wind turbine power electronic components from South Korea’s Hyundai Heavy Industries who will use the components in the AMSC designed 1.65MW wind turbines. All shipments to Hyundai for this order are expected by June 30.
Hyundai licenses AMSC designs (beginning in 2008) and is allowed to market and sell wind turbines … Read the rest
Canadian Solar (CSIQ) Tightens Shipment Guidance, But Expects Forex Hit; Down 10% AH
Canadian Solar (CSIQ) is out tightening the shipment guidance after the bell today from the previously expected 180 – 190MW range to 189 – 191MW, but is expecting an $18 – 20 million forex hit in the quarter due to the depreciation of the Euro against the US dollar. They expect gross margins at around 13%. CEO Shawn Qu expects a strong quarter this quarter as well and indicated the company will better hedge against … Read the rest
Cree Inc (CREE) Beats, Posts Big Growth, But Traders Sell The News
Cree Inc (CREE) is selling off in after hours trading more than 5% as traders “sell the news”. A big quarter was already priced in and traders are taking some profits. CREE beat both the consensus estimate of .44/share and the whisper number of .46 by posting a non GAAP EPS number of .47/share on revenues of $234 million. These numbers also beat the company’s estimate of revenues in the $215 – 225 million range … Read the rest
Trina Solar (TSL) Partners With Enfinity For Solar Rooftop Projects
Trina Solar (TSL) is partnering with Enfinity of Belgium, a large renewable energy developer, to provide solar rooftop installations to the Belgian-European Pavilion and the Theme Pavilion at the 2010 Shanghai World Expo. The Belgian-Euro Pavilion will use about 700 Trina modules for the 160kW system.
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“We are delighted that Enfinity and the Belgian Government have selected Trina Solar to supply our high quality modules … Read the rest
Green Plains Renewable Energy To Purchase West Tennessee Agribusiness Assets
Green Plains Renewable Energy just announced that they will be acquiring agribusiness operations from the Tom Wade family and Farmers Grain of Trenton, LLC.
Under the terms of the agreement, Green Plans Renewable Energy will purchase 5 grain elevators located within a 50-mile radius of Green Plains’ Obion, Tennessee plant. The elevators can store 11.7 million bushels of grain, bringing the company’s total storage capacity to 30.3 million bushels. The company is also acquiring additional … Read the rest
Piper Initiates Coverage On Tri-Tech Holding (TRIT) With Overweight
Piper Jaffray is initiating coverage on Tri-Tech Holding (TRIT) this morning with an Overweight rating and a price target of $20 which is about 50% higher than where it is now. “Recent project wins and favorable government policies around municipal wastewater treatment provide very good visibility in 2010 and the company’s recent capital raise provides the financial strength to grow the top-line aggressively through 2011.”
Shares of TRIT are up about 5% in premarket trading. … Read the rest