GT Solar (SOLR) Announces New Solar Ingot Furnace, Initiated With Outperform At Pacific Crest

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08:18:57 am on April 27, 2010

GT Solar (SOLR) is seeing just a bit of positive pre-market action on news it has released new high performance ingot growth furnace for the solar industry providing 15% increased throughput, energy efficiency and higher quality.  The new DSS450HP ingot furnace begin shipping this month and are expected to be installed at customer sites in May.

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“Our DSS450HP furnace delivers a new level of performance that lowers the cost of PV manufacturing by further decreasing cycle times in the ingot growth process,” said Tom Gutierrez, GT Solar’s president and chief executive officer. “We designed the new system so current DSS240 and DSS450 customers can easily migrate to the new platform, which underscores our commitment to protecting our customers’ investment in GT Solar DSS equipment.”

Pacific Crest has initiated coverage of SOLR this morning with an Outperform and believes that GT Solar’s risk/reward ratio is attractive, as the firm thinks the company is poised to meet or exceed FY11 guidance while benefiting from strong demand for CoO equipment. The firm set a $9 target which is more than 50% higher than the current price.

Shares of SOLR are up about 2% in pre-market trading.  A breakout above 5.79 would be very bullish and signal a strong move off support of the 50 and 200 day moving average.

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