STP, JASO, SPWRA Upgraded At Barclays, CREE Downgraded

A few analyst rating changes and coverage initiations this morning…

Barclays upgraded Suntech (STP), JA Solar (JASO) and Sunpower (SPWRA) to Overweight.  All three are up about 8% today with STP and JASO breaking out of bases on the upgrade.

Wedbush Morgan isn’t quite as positive on Sunpower, lowering the price target from $29 to $21, but maintains its Neutral rating.  Hat tip to for the following analyst comment:

“We believe investors do not fully appreciate the risks associated with the California Solar Valley Ranch project which is expected to begin in 2010. SunPower is planning to build a 210 MW solar power plant as part of a Power Purchase Agreement signed in 2008 with PG&E…Complex site issues including biological impacts, wildlife migration, conversion of agricultural land, traffic increases, and water usage are likely to delay or prevent required project permitting…We believe environmental groups may sue to stop project development even if the necessary permitting is obtained. Project financing is dependent upon receipt of local permitting…Adjusting our revenue/GAAP EPS estimates to $1.429 billion/$0.33 from $1.429 billion/$0.51 in 2009 and $1.920 billion/$1.03 from $2.048 billion/$1.11.”

Also of note..

Credit Suisse initiated EnerNOC (ENOC) with an Outperform
Morgan Keegan downgraded Cree Inc (CREE) to Market Perform I assume due to valuation after a torrid run.  Shares aren’t being hit hard on the downgrade though.

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