Earlier today I posted a summary of Auriga’s bullish outlook on solar stocks for 2011. According to Barrons, Credit Suisse has also posted their outlook for solar stocks this year, but is less bullish. They have a cautious view in the near term and a Market Weight rating on the sector.
Auriga commented on the elasticity of the solar market where demand picks up as prices fall. Credit Suisse notes that this has traditionally … Read the rest
According to Barron’s, Credit Suisse is out this morning downgrading several solar stocks due to concerns about oversupply and softening demand next year. Analyst Satya Kumar sees new capacity of 2GW/month this quarter with an overall increase of 50% next year while demand remains flat. As a result, pricing could decline quicker than expected.
He’s downgrading six solar stocks, all of which are under pressure today.
Outperform ==> Neutral: First Solar (FSLR), Trina Solar … Read the rest
According to Barrons, Credit Suisse is reiterating its Buy rating and lifting the price target on First Solar (FSLR) from $150 to $160 after the company received approved from LA Country yesterday to proceed on the 230MW Antelope Valley project. The firm notes that FSLR will have at least two shovel ready projects totaling 600MW by October which will contribute to earnings next year.
====> Click Here For Your FREE First Solar Daily Technical … Read the rest
A couple rating changes this morning..
UBS upgraded First Solar (FSLR) from Neutral to Buy and raised their price target from $136 to $150. The firm cited increased global demand. Raised 2010 EPS from $7.30 to $7.50 and 2011 EPS from $8.00 to $8.80. Shares of FSLR are up nearly 3% today and holding in well at support around the 50 and 200 day moving averages. It may be gearing up for another leg higher.… Read the rest
Needham & Company has initiated coverage on Comverge (COMV) with a Buy rating and $14 price target. Shares of COMV could use a boost. They remain in a down trend and there is resistance all the way up to the 11.15 level of the 200 day moving average. Hat tip to Street Insider for the following analyst comment:
“Overall, we view Comverge’s strong presence in US residential demand response (along with its building presence in … Read the rest
Credit Suisse demonstrates once again why analyst estimates and ratings are for the most part worthless. Rarely are analysts ahead of the curve and Credit Suisse is no exception. They are out this morning maintaining their Neutral and Outperform ratings, but cutting price targets well after these stocks have plummeted to new lows. I believe solar stocks are close to bottoming out, based on some minor capitulation moves seen yesterday. Many are ripping higher again … Read the rest
MEMC Electronics (WFR) was punished yesterday after missing Wall St estimates and appears to be on its way to test all time lows around $10, but the stock may get some relief buying today following two upgrades from Gabelli and Credit Suisse.
Credit Suisse upgraded WFR from Neutral to Outperform and raised the price target from $17 to $19 (nearly a double from today’s prices).
According to Notable Calls, Credit Suisse sees semi prices … Read the rest
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 StreetInsider.com for the following analyst comment:
“We believe investors do not … Read the rest
A few analyst rating changes are out this morning..
Analyst comment below courtesy of StreetInsider.com.
Deutsche Bank is out this morning maintaining its hold rating on Canadian Solar (CSIQ) but is lowering the price target from $17 to $13. The firm says, “Recent inputs from various solar PV companies and less than hoped for improvement in the demand picture for larger systems (due to financing availability) cause us to reassess our outlook for solar … Read the rest
Surprisingly, Credit Suisse is out upgrading Renesola (SOL) from Neutral to Outperform despite a tough quarter for the company. Piper Jaffray is downgrading SOL from Neutral to Underweight and lowering the price target from $6 to $4.50.
Hat tip to StreetInsider for the following analyst comment from Piper:
“We believe Renesola is making the right moves by vertically integrating downstream to cells/modules. Failure to integrate downstream, in our opinion, would result in anemic margin and … Read the rest