Shares of Suntech (STP) are continuing to build on last week’s strength after the company increased guidance for this year and next.  They now expect 2010 revenue of $2.78 – $2.83 billion which is ahead of the Street estimate of $2.7 billion. For 2011, Suntech expects to ship at least 2.2GW of solar products and generate revenues of $3.4 billion to $3.6 billion. The Street was estimating $3 billion. EPS is estimated to be $1.40 – $1.60 for next year.

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The company also announced a joint venture with Wuxi Industrial Development Group & Wuxi New District E&D Group to own and operate a solar production plant.  Suntech will have 40% ownership and invest $60 million.

Shares of STP are up another 6% today and pushing back above the 50 day moving average, but it’s going to take time for this stock to ultimately put in a long term bottom and has been making a series of lower lows for months.  Today’s guidance is a good start and likely indicates that a long term bottom is very close.