Goldman Sachs changed the rating of several key solar power stocks from "Buy" to "Sell," according to 247Wallstreet.com. The stocks affected by the change include First Solar and SunPower. The downgrade seems to be the result of two major factors. First, some people are predicting that the supply of solar power will exceed demand for it by 2010. Secondly, the credit crunch makes it difficult for companies to get financing on new projects.
Goldman Sach’s … Read the rest
Canadian Solar (CSIQ) announced a 28MW sales contract with German installer IIiotec with an option for an additional 20MW in 2009.
Chairman and CEO Shawn Qu remarked: “These two contracts mark the seventh and eighth annual 2009 sales contracts we have signed with our long-term and loyal European customers in the past month. These contracts typically feature fixed prices for the first six months. The demand and pricing for Canadian Solar’s products remains strong and … Read the rest
Canadian Solar (CSIQ) is reiterating its top-line revenue and gross margin guidance for 2008 of $850-$970 million and 13%-15%, respectively. For 2009 the company is reiterating their shipment and gross margins guidance of 500 – 550 MW and 13 – 15% respectively.
Guidance comes as the company reports good progress of its ingot and wafer plant with Phase I completed and Phase II expected to be completed by year end, ahead of schedule. CSIQ also … Read the rest
Canadian Solar (CSIQ) has signed two long term supply contracts with GCL Silicon Tech strengthening its polysilicon and wafer supply chain. Under terms of the deal, GCL Silicon will supply CSIQ with 500 metric tons of polysilicon this year and next and nearly 2 GW of wafers from 2010 to 2015
"These two contracts help us to further secure our supply chain with strong suppliers at favorable long-term contract prices," Canadian Solar Chief Executive Shawn … Read the rest
Call activity is picking up in the solar names. Suntech Power Holdings (STP) was up over 12% today to $41.75. Almost 5,000 STP Sept 45’s traded today vs and open interest of 5,351. There was also roughly 600 Oct 45’s, 1,000 Oct 50’s, and 500 Oct 55’s vs almost zero open interest before today.
CSIQ saw similar action. The standout strike is the Sept 30 that traded 6,600 contracts today vs an open interest of … Read the rest
Canaccord Adams is raising its price target on CSIQ from $43 to a whopping $44 and reiterates its BUY rating according to StreetInsider.com. Why the big jump in price target you ask?
Canaccord liked the recent quarter results and noted that the earnings were at the high end of its pre announcement. The firm also likes the fact that it already has all of this year’s plans funded and 70% of its supply coverage … Read the rest
Briefing.com reports that Canadian Solar reports Q2 results, beats on revs; guides Q3 revs in-line; guides FY08 revs in-line Reports Q2 earnings of $0.36 per share, includes one-time non-cash debt conversion charge of $10.2 million, may not be comparable to the First Call consensus of $0.47; revenues rose 24.2% year/year to $212.6 million vs the $206.8 million consensus. Co issues in-line guidance for Q3, sees Q3 revs of $245-255 million vs. $247.63 million consensus. Co … Read the rest
According to the StreetInsider.com Canaccord Adams initiated both JA Solar (JASO) and Canadian Solar (CSIQ) with buy ratings this morning.
On JASO:
“We are initiating coverage on JA Solar with a BUY rating and $19 price target as we believe that it will continue to benefit from its leading position in the silicon solar cell market and from its low-cost strategy.”
On CSIQ:
“Given the likelihood for raised expectations, the near-term benefit of UMG access, … Read the rest
Jeff from The Option Addict came out with a note showing some short candidates in the Solar Energy space due to their technical weakness. Stocks include CSIQ, LDK, SOL, STP, TAN, WFR, and YGE.… Read the rest
According to StreetInsider.com, Deutsche Bank upgraded Canadian Solar (CSIQ) from HOLD to BUY with a $45 price target due to valuation after the recent sell off.
“We are upgrading CSIQ to Buy (from Hold) following a substantial retracement in the stock, an improved operational outlook (i.e. GM reset to mid-teens, traction in UMG-Si based e-modules, no data to de-rail the UMG-Si argument over the near-term, capital raise and capacity expansion through 2010), and a … Read the rest