According to StreetInsider.com, Hapoalim Securities is going against the grain of yesterday’s 5 Buy ratings on First Solar (FSLR) and issuing a Sell rating and $90 price target.
The firm indicates that FSLR is a high quality firm with less implied risk but that a better entry point may emerge once the dust settles. Their concerns include a weakening Euro, Germany risk, lower selling prices, Malaysia start up costs as well as headwinds in … Read the rest
24/7WallStreet.com notes that Credit Suisse has lowered price targets on several major solar stocks. Apparently, with the economic downturn, shares just aren’t selling for as much as the used to, and the price targets were adjusted to reflect the new economic reality. According to the article, they may be starting a trend, as we can expect other brokerage firms to start taking similar actions. Here’s a quick rundown of the affected companies:
… Read the restJA Solar Holdings
Following last nights earnings report and news of a big supply deal, the analysts are out with their ratings this morning:
According to StreetInsider.com..
Gabelli Issues Buy rating and raised 08 estimates. “We are increasing our ’08, ’09, and ’10 EPS estimates to $4.00, $8.00, and $11.25, respectively, from $3.60, $6.50, and $10.15. 3Q EPS of $1.20 were well ahead of our expectation of $1.05, and consensus of $1.02. On the conference … Read the rest
MEMC Electronics (WFR) CEO Nabeel Gareeb has informed the board of directors that he will resign and the company has appointed Board member Marshall Turner to serve as interim CEO effective Nov 12th. Mr. Gareeb to aid in the transition to a new CEO.
Said Gareeb, “We have created a unique asset-efficient model and cost-efficient structure that has allowed MEMC to generate industry leading profitability and consistent cash flow generation over the years, in good … Read the rest
According to StreetInsider.com, Energy Conversion Devices (ENER) is being hit with a Sell rating by Citi this morning:
“We acknowledge ENER’s small scale and niche end market (BIPV) in regions like France + Italy may provide some near-term pricing cover, but those markets are still not big enough to provide much headroom. Meanwhile, collapsing prices for competing x-Si modules should overtake its pricing umbrella by CQ1:09. These floodwaters should force it to get more … Read the rest
First Solar (FSLR) is surging after hours following its earnings report and news of new supply deals totaling 525 MW with Sorgenia Solar, a developer of large scale solar power plants in Italy as well as a few of First Solar’s existing customers including EDF Energies Nouvelles, Ecostream, Juwi and Phoenix Solar. The deals allow for new sales revenue of approximately 800 million from 2009 – 2013
“With strong market growth in Italy we are … Read the rest
It’s a big day for First Solar (FSLR). This morning the company announced a 5 year supply deal with Solar City Corp, which calls for FSLR to supply 100MW of its advanced thin film solar modules beginning in early 2009. The deal also includes $25 million in financing to Solar City and marks First Solar’s entrance into the US market.
Solar City is one of the nation’s leading solar installers with operations in California, Arizona … Read the rest
Xcel has reduced the amount paid to consumers and businesses who install solar power systems under its Solar Rewards program. Previously under the program, Xcel would provide a rebate to the consumer for the purchase of Renewable Energy Credits (REC’s) of $2.50 per KW. That amount has changed to $1.50 per KW. Customers still get a state-mandated rebate of $2.00 per KW, so the total amount they receive has decreased 22%, from 4.50 per KW … Read the rest
According to StreetInsider.com UBS is downgrading the following:
– Sunpower (SPWRA) downgraded from Neutral to Sell (down
– Evergreen Solar (ESLR) downgraded from Buy to Neutral and $2.60 price target
– GT Solar (SOLR) downgraded from Buy to Neutral and $4.25 price target
– Energy Conversion Devices (ENER) from Buy to Neutral and $31 price target
Despite the downgrades, all solar names are up premarket with the overall market.… Read the rest
LDK Solar announced that it has no need to seek additional money from capital markets to fund the company’s expansion, as it already has enough cash on hand to more than double its production capacity. In 2009, the company plans to expand that capacity to 2.2 GW of power. In 2010, it will expand again, to 3.2 GW. LDK founder and chairman Peng Xiaofeng told a reporter from Reuters News Service that the proceeds from … Read the rest