Deutsche Bank Downgrades Solars: CSIQ, ENER, FSLR & SPWRA

According to, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD

– Canadian Solar (CSIQ) cut price target from $36 to $12

– Energy Conversion Devices (ENER) cut price target from $75 to $41

– First Solar (FSLR) cut price target from $200 to $160

– SunPower (SPWRA) cut price target $62 to $45

The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals which have been largely, but not entirely discounted, (2) an industry shake-out precipitated by an adequate supply of c-Si modules and significant module ASP declines, (3) a strengthening dollar with respect to the Euro, and (4) restricted access to capital y/y driving a near term negative change to order patterns. These issues are not new, and although there have been opportunities to step out of solar PV stocks, we believe now is appropriate to do so as well to reset the bar.”

The firm also downgraded Suntech Power (STP) from HOLD to SELL and lowered the price target from $20 to $8.50 citing demand and accelerated margin contraction

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