Surprisingly, Credit Suisse is out upgrading Renesola (SOL) from Neutral to Outperform despite a tough quarter for the company. Piper Jaffray is downgrading SOL from Neutral to Underweight and lowering the price target from $6 to $4.50.
Hat tip to StreetInsider for the following analyst comment from Piper:
“We believe Renesola is making the right moves by vertically integrating downstream to cells/modules. Failure to integrate downstream, in our opinion, would result in anemic margin and … Read the rest
LDK Solar (LDK) is reporting terrible earnings results after the bell today, but it shouldn’t come as too much of a surprise because the company warned of a large write down a few weeks ago. They reported a large EPS loss of -2.03/share (which includes the $175 million write down) vs the analyst expectations of a .91/share loss. No signs of recovery on the revenue side either with a 50% drop over the year ago … Read the rest
ReneSola (SOL) reported a narrower than expected Q2 loss of $0.03, beating estimates by .03/share but came up short on the revenue side, posting $82.6 million vs. the consensus of $90.23 million (and more than a 50% plunge over the year ago quarter). On the bright side, it appears the company is doing a good job of cutting costs and increasing efficiencies.
“The second quarter of 2009 marked an historic quarter in ReneSola’s evolution as … Read the rest
A-Power Energy (APWR) is becoming quite the one stop shop for green energy solutions in China. The company is now involved in wind turbines, biofuels, LNG and with today’s announcement of its MOU to purchase EvaTech, thin film solar. The all cash transaction of $50 million will be funded by government subsidies (about 40 – 45%) and loans. APWR expects to sign a definitive purchase agreement with EVATECH by next month and the close … Read the rest
Shares of Converted Organics (COIN), which continue to look bullish, are up another 10% in premarket trading following a press release from the company stating that their revenues for the first half of 2009 are tracking 50% higher than the year ago period.
“Converted Organics is very pleased that our revenue continues to increase as a result of our achievements to date this year, specifically sales from our Gonzales, California facility and the progress made … Read the rest
Another tough quarter for JA Solar (JASO) but it was a bit better than last quarter as the company saw a pick up in revenues. Unfortunately, profits are still nowhere in sight. The company missed Wall St estimates by a wide margin reporting a loss (excluding the one time charge for stock compensation) of .13/share vs the estimate of a .06/loss, despite beating on the revenue side with $88 million. Clearly, this is still a … Read the rest
Suntech just announced that they have been chosen to supply solar panels to the Sham’s Tower on Yas Marina Circuit in Abu Dhabi. Under the agreement with Aldar Properties PJSC, Suntech will provide 1,120 panels to be used to create a 292 KW solar system on the roof of the building. The solar system will be installed by an Abu Dhabi-based company called Enviromena. It is expected to generate 450 MW of electricity each year, … Read the rest
Energy Conversion Devices now has a a multi-year direct supply agreement with Mercury Solar Systems. Under the agreement, Energy Conversion Devices will sell its UNI-SOLAR PV laminates to Mercury, and provide them with technical support for future PV installations. Mercury believes it will purchase 15 MW of the laminates from Energy Conversion Devices.
In a press release, executives from both companies commented on the deal:
Mark Morelli, ECD’s President and CEO, said, “This agreement expands … Read the rest
The one-two combo of being a China green stock has proved to be a winning combo of late and one such stock is relatively off the radar. The company is SmartHeat (HEAT). The stock broke out of a base Monday with heavy volume ahead of its earnings report this morning. The results? The company posted a quarter over quarter EPS surge of 267%. Granted, it’s a very small company, but that may not be the … Read the rest
Cree has been on a roll in the past several months with quite a few upgrades, increasing awareness about LED’s and Cree’s leadership role, not to mention the doubling of its stock price. Let the good times roll. The company reported a strong quarter after the bell today and the stock is surging about 7% after hours on the news. They beat the EPS estimate by a penny, posting .18/share in profit which is a … Read the rest
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