Piper Bullish on Suntech (STP) After Earnings

Following Suntech’s (STP) better than expected Q2 earnings this morning, Piper Jaffray is bullish according to StreetInsider.com

The firm said the results were driven by strong shipments and average selling prices, noting that Suntech has secured 900MW of its 09 silicon supply at favorable pricing and has long term supply contracts in place which should help significantly lower costs.

Also mentioned were indications from Suntech that Italian demand in 09 could be as strong as Spain demand was in 08 and that any future weakness in Spain will be more than offset with strength in other markets, particularly Germany. 

Suntech (STP) is up over 13% today and making a strong move above resistance of the 50 day moving average.  The next target is the 200 day moving average at 50.

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