Yesterday, Deutsche Bank posted some positive comments on the China solar stocks, upgrading Suntech (STP) to Buy and reiterating buys on TSL, SOL and YGE. This morning they are weighing in on two of the big US solar plays MEMC Electronic Materials (WFR) and Sunpower (SPWRA) and aren’t as bullish. They have slashed the price target on WFR from $18 to $15 and the price target on SPWRA from $25 to $17 due to oversupply concerns once FIT cuts are in place.
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Sterne Agee weighed in on Cree’s earnings report in which they missed on revenues both for the quarter and in future guidance. The firm notes that while revenues missed due to a weaker backlighting market, Europe seasonlity and delays in China street lighting, margins are still strong indicating LED pricing stability.
I mentioned last night that it was important CREE hold the 47.30 level and that considering the quarter wasn’t all that bad, just less than perfect, it had a good chance of doing so. The stock is well off the lows and it’s looking like there is a good chance of it holding the lows of the correction.