According to StreetInsider.com, Wedbush Morgan is out this morning with coverage on two solar names – Ascent Solar Tech (ASTI) and Energy Conversion Devices (ENER).
* ASTI gets a Hold rating and $5.50 price target.
Wedbush analyst says, “CIGS manufacturing technology supports long-term prospects in high-end specialty markets. CIGS roll-to-roll manufacturing enables product use in various applications including BIPV, EIPV, and solar panels…Potential acquisition target by strategic partner or new market entrant. Provides interesting … Read the rest
Goldman Sachs analyst Michael Molnar has had a change of heart on his rosy outlook for both Sunpower (SPWR) and First Solar (FSLR), slapping both with Sell ratings this morning, down from previous Buy ratings due to oversupply issues and a lack of European subsidies.
“The risk of oversupply in the solar market will soon become a reality as considerably less generous demand subsidies take hold just as a wave of supply and tight … Read the rest
Goldman Sachs changed the rating of several key solar power stocks from "Buy" to "Sell," according to 247Wallstreet.com. The stocks affected by the change include First Solar and SunPower. The downgrade seems to be the result of two major factors. First, some people are predicting that the supply of solar power will exceed demand for it by 2010. Secondly, the credit crunch makes it difficult for companies to get financing on new projects.
Chairman and CEO Shawn Qu remarked: “These two contracts mark the seventh and eighth annual 2009 sales contracts we have signed with our long-term and loyal European customers in the past month. These contracts typically feature fixed prices for the first six months. The demand and pricing for Canadian Solar’s products remains strong and … Read the rest
Hoku Solar, a subsidiary of Hoku Scientific (HOKU) announced a contract with the Hawaiian DOT to design, engineer and install 779 KW of photovoltaic power systems at airports in Lihue, Kahului, Kona and Hilo beginning later this year
“Hoku is proud to have been selected to partner with the Hawaii State Department of Transportation on this effort,” said Dustin Shindo, chairman and chief executive officer of Hoku Scientific. “Through this initiative and many others, the … Read the rest
One day removed from its announcement that it has entered into a joint agreement with CertainTeed to develop roofing integrated photovoltaic products for the residential market, Energy Conversion Devices (ENER) is announcing an acceleration of its expansion plans at its first company sponsored investor day. The company is nearing a decision on site selection for a new 120 MW solar cell manufacturing plant and announced it would increase capacity to 420 MW in 2010, 720 … Read the rest
Soleil Securities has initiated coverage on both Suntech Power (STP) and LDK Solar (LDK) with Buy ratings on both. According to StreetInsider.com, Soleil had this to say on Suntech:
“The prospect of strong earnings growth through ’09 is offset by our expectation of a sharp decline in photovoltaic industry pricing in 2011 which will lead to an equally sharp decline in earnings in 2012.” Their price target is 41.
Guidance comes as the company reports good progress of its ingot and wafer plant with Phase I completed and Phase II expected to be completed by year end, ahead of schedule. CSIQ also … Read the rest
Suntech Power (STP), the large China solar company has plans to triple its US business in 2009 in a joint venture with MMA Renewable Ventures forming Gemini Solar Development LLC and plans to target projects greater than 10MW. Suntech has also acquired EI Solutions, a Cali commercial system integration company that will target government, utilities and large commercials customers AND has expanded its US dealer network to increase penetration into residential and smaller commercial projects. … Read the rest
Xcel Energy has selected Hoku Solar to install a photovoltaic (PV) solar power system on Xcel’s headquarters in Oahu, Hawaii. Once the installation is completed, the 34 kilowatt PV system will generate 53,500 KW hours of energy each year. Over its lifetime, the system is expected to offset more than 885 tons of CO2 emissions.
Ed D’Ascoli, founder and president of Xcel, commented on the project and the choice of Hoku Solar, saying