Auriga is out initiating coverage on Daqo New Energy (DQ) and is considerably bullish, calling the company highly profitable and undervalued. The firm initiates Daqo with a Buy rating and $20 price target (about 40% higher than current levels).
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Daqo produces high quality, low cost polysilicon for use in solar products but as Auriga notes the company is trying to establish its wafer and module manufacturing … Read the rest
Analysts are weighing in on First Solar (FSLR) earnings results and it’s a bit of a mixed bag.
Deutsche Bank downgraded the stock to Hold from Buy and lowered the price target from $155 to $125. While the company notes that the quarter was strong and guidance was raised they have more concerns about 2011 with early data pointing to declining margins .
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Hapoalim … Read the rest
Auriga is out this morning upgrading Jinko Solar (JKS) back to a Buy rating and raising the price target from $32 to $37 after the company announced last night a follow on offering of $2 million shares in order to raise cash for a big expansion. While equity offerings typically hit a stock price in the short term due to dilution, Auriga indicates the offering was less than anticipated and sees the move as bullish … Read the rest
Auriga is out with a research note this morning on First Solar (FSLR) calling the company an investment not a trading stock, as the timing of its project business becomes more difficult to read but brings stability to the business model.
They see upside to 2010 EPS estimates guidance up to $7.85/share. Their model assumes revenue/watt of $1.58/share for module sales and assume that 50% of EPS revenue will occur in Q3.
They believe the … Read the rest
Auriga issued a research note this morning on Duoyuan Global Water (DGW) which was hammered recently after accounting irregularities were discovered at Duoyuan Printing (DYP). What’s the connection? The Chairmen of DYP happens to be the CEO of DGW, so the thought was that there are accounting concerns at DGW as well. Auriga had a chance to visit with DGW management recently and tour the manufacturing facilities. They walked away with several concerns unrelated to … Read the rest
Auriga is out downgrading shares of Solarfun (SOLF) this morning from Buy to Hold, but maintains the $13 price target because the firm feels the company may miss margin estimates on the Q3 call due to higher input prices. While they remain considerably bullish on the company, they recommend stepping aside until consensus expectations are re-evaluated.
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Their 2011 assumptions are unchanged and clarity on ramping … Read the rest
Auriga is out with a research note on select stocks today and remains generally bullish on the sector. They indicate that industry fundamentals remain strong both in terms of pricing and volume. Q1 volumes are strong and sold out in some cases as pricing remains firm while the 2nd half of 2011 warrants cautious optimism rather than pessimism. Here are notes on some individual names.
Jinko Solar (JKS): Sees upside to current estimates as shipments … Read the rest
Auriga’s Mark Bachman was out with a note this morning saying LDK Solar’s (LDK) cash position looks precarious due to Q-Cells repayments and debt obligations and that they may need a fresh infusion of the green stuff soon, likely with an equity offering. They also see a possible sale of another chunk of its poly plant and/or debt restructuring.
They have not rating on LDK currently.
Traders don’t appear to be too concerned with Auriga’s … Read the rest
Canadian Solar (CSIQ) posted Q2 earnings results yesterday and Auriga is maintaining its Neutral stance on the stock since there is low visibility as to when the company can improve its margin structure. While there is expected improvement by Q4, the firm doesn’t have much confidence in the company’s ability to predict shipments. Should the margins improve as management has advertised, they may revise their 2011 estimates upwards significantly. Auriga see the stock as fairly … Read the rest
Auriga issued a research report this morning on Canadian Solar (CSIQ) heading into its earnings report tomorrow. While the firm has an upside bias, it doesn’t have enough conviction either way to make a definitive call so maintains its Hold rating with a $13 price target. Cmon Mark, go out on a limb! 🙂
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They see CSIQ missing Q2 EPS estimates with shipments coming … Read the rest