Following Suntech’s (STP) better than expected Q2 earnings this morning, Piper Jaffray is bullish according to StreetInsider.com.
The firm said the results were driven by strong shipments and average selling prices, noting that Suntech has secured 900MW of its 09 silicon supply at favorable pricing and has long term supply contracts in place which should help significantly lower costs.
Also mentioned were indications from Suntech that Italian demand in 09 could be as strong … Read the rest
According to StreetInsider.com, Soleil Securities downgraded BioFuel Energy (BIOF) to Sell citing the company’s need for additional debt in order to cover hedging losses and construction costs.
They also reiterated their sell rating on Pacific Ethanol (PEIX) and lowered the price target to 1.50 from 2, saying “the outlook remains weak given the forecasted ehtanol environment and their debt heavy balance sheet. As we are modeling negative margins going forward, we do not anticipate … Read the rest
A nice 220 million contract for Applied Materials (AMAT) was announced this morning and under terms of the deal, AMAT will supply precision wafering systems to support LDK Solar’s expansion plans and begin shipping in early 09.
Applied Materials called the deal the largest contract ever awarded for wafering systems
“We believe that Applied’s state-of-the-art wafering systems, including its HCT wire saws and squarers, are the best choice to help us scale up capacity to … Read the rest
ReneSola (SOL) posted outstanding results this morning with an EPS of .38, nearly 4x higher than the year ago quarter and 6 cents ahead of analyst estimates. Revenues came in at 173 million, a 289% increase over the year ago quarter and more than 30 million ahead of estimates.
The company sees FY revenues of 640-670, vs prior guidance of 570 – 590 and the analyst estimate of 612.
“We are excited about the … Read the rest
Trina Solar (TSL) reported a very strong quarter and more than doubled profits but missed analyst estimates of .81/share by reporting .76/share after taking out the one time charge for the closing of the polysilicon project in Lianyungang. The company was also hit on currency fluctuations to the tune of .24/share. Revenues came in ahead of estimates and nearly tripled to 204.2 million and the company raised expectations for the year.
Trina Solar (TSL) is … Read the rest
A few upgrades of green energy stocks this morning:
* A-Power Energy (APWR) Started at a Strong Buy by Raymond James
* Sunpower (SPWR) upgraded from Neutral to Buy on valuation and the PG&E deal by Merril Lynch
* Stanford Group initiates coverage on EMCORE (EMKR) with a Buy rating… Read the rest
Gushan Environmental (GU), China’s largest producer of biodiesel topped estimates this morning with a non GAAP EPS of .23/share, edging out estimates of .22/share for an increase in 64% over the year ago period. Revenues came in ahead of estimates as well with 58.3 million in the quarter, a jump of about 35% over the year ago quarter.
“Gushan continued to deliver growth during the second quarter of 2008 as production ramped up at our … Read the rest
According to a press release, Pacific Gas & Electric (PCG) announced two contracts for a combined 800 MW of solar power. The two deals will provide 1.65 billion kilowatt-hours of electricity, enough to serve 239,000 residential homes. PG&E signed a deal for 550 MW of thin-film photovoltaic solar power with Topaz Solar Farms, a unit of OptiSolar, and a second deal for 250 MW with High Plains Ranch II, a unit of SunPower (SPWR).… Read the rest
Canaccord Adams is raising its price target on CSIQ from $43 to a whopping $44 and reiterates its BUY rating according to StreetInsider.com. Why the big jump in price target you ask?
Canaccord liked the recent quarter results and noted that the earnings were at the high end of its pre announcement. The firm also likes the fact that it already has all of this year’s plans funded and 70% of its supply coverage … Read the rest
Morgan Stanley is out with a note today stating that VeraSun Energy (VSE) beat consensus and their Q2 estimates by a wide margin yet they still rate the stock equal weight due to the "tough ethanol market." That being said Morgan Stanley believes VSE has the best risk reward profile among the pure play ethanol producers.
Morgan Stanley also reported, "Given our outlook for increased industry capacity and a challenging cost profile we recommend investors … Read the rest