Auriga is out this morning with some notes on the solar industry after attending Intersolar in Munich, Germany. The firm believes industry fundamentals remain strong with robust European demand being driven by attractive rates of return on solar projects. They believe that as long as project returns are attractive, and both debt and equity financing remains available, demand for PV projects will continue to surprise versus the bearish outlook.
Here are more notes from the … Read the rest
Goldman Sachs slashed its price target on A123 Systems (AONE) this morning from $15 to $9, but kept the Neutral rating following a meeting with management. The firm raised 2010-2012 revenue estimates, but forecasts larger EBITA losses. The firm raised 2010 revenue estimates form $139M to $141M, 2011 from $262M to $276M and 201 from $416M to $431M. EBITA loss estimates rise from ($76M) to ($98M) for 2010, ($44M) to ($67M) for 2011 and $13M … Read the rest
Just a few analyst rating changes/price target adjustments today.
Morgan Stanley has cut the price target on First Solar (FSLR) from $160 to $145 this morning, but maintains its Overweight rating. This follows price cuts from Citi and Hapoalim yesterday. Shares are holding up well today, up about 2% and continue to hold the key $100 level. Click Here For Your FREE First Solar Analysis
Macquarie initiated coverage on Westport Innovations (WPRT) with a Buy … Read the rest
Good news and bad news for First Solar (FSLR) today. While the company announced its intent to double capacity at the Frankfurt, Germany plant, the stock is getting hit on the Citi and Hapoalim price cuts. The Citi price cut which I posted about earlier isn’t extraordinary, but the Hapoalim price cut to $65 is an eye opener.
===> Click Here For Your FREE First Solar Analysis
Hapoalim Securities believes that First Solar may eventually … Read the rest
Citi is out this morning maintaining its Hold rating on First Solar (FSLR), but lowered the price target from $135 to $125. Hat tip to Street Insider for the analyst comment.
===> Click Here For Your FREE First Solar Analysis
“We have long argued that EPS here will not start to meaningfully grow again until 2012, following three years of stagnating EPS (2009-2011). While we still rate the stock Hold, we continue to feel our … Read the rest
Needham & Company has come out with updates on their ratings of several solar stocks. Hat tip to Street Insider for the analyst comments:
Initiated coverage on First Solar (FSLR) with an Underperform and $92 price target.
“As the world’s largest producer of solar panels with the best cost structure, First Solar is benefiting from strong near-term demand and a growing pipeline of utility scale solar projects. However, we are concerned that margins will deteriorate … Read the rest
According to Reuters, demand for solar panels has risen so sharply that industry leader First Solar is unable to keep up. Although First Solar’s business slowed down in the 3rd quarter, it is expected to pick up in the fourth, despite German solar subsidy cuts that are expected to hit July 1.
Reuters quotes First Solar’s Stephan Hansen saying “In 2010 we will not be able to produce enough modules to meet demand.”
Suntech … Read the rest
A little more than a month ago, Auriga initiated coverage on solar stocks and was generally bullish outside of its Sunpower (SPWRA) Sell rating. This morning, the firm is slashing price targets of some China solar companies, but is bullish in First Solar (FSLR). I don’t really understand the cutting of price estimates right now which are due to Euro exposure. The Euro has been deteriorating for some time now. Granted, Euro weakness has accelerated … 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
Street Insider was out with a research note from iSuppli today forecasting big growth in solar leader Germany ahead of the feed-in-tariff reduction in July which will have companies scrambling to complete installations. That’s not too much of a surprise, but the firm also sees significant growth after the tariff reduction, particularly in rooftop solar systems.
They are forecasting 6.6GW of solar installations for 2010 in Germany which is a 70% increase over last year, … Read the rest