Some solar analyst ratings are out this morning with Friedman Billings upgrading both First Solar (FSLR) and SunPower (SPWRA) to Market Perform and price targets of $210 and $65, respectively.
JA Solar (JASO) wasn’t so fortunate, getting a downgrade from Canaccord Adams from Buy to Hold. The stock is off nearly 18% today with heavy volume, erasing yesterday’s move an then some.
Let’s not forget though that it was Canaccord Adams that initiated coverage with … Read the rest
According to StreetInsider.com, Piper Jaffray analyst Jesse Pichel has commented on the solar stocks that are related to the Lehman bankruptcy, saying that Sunpower (SPWR), JA Solar (JASO) and Evergreen Solar (ESLR) are negatively affected with respect to prior convertible bond transactions and stock lending agreements. The firm said it would be prudent to assume the worst.
On JASO: “We estimate JASO would realize ~4% dilution on stock and incur a non-cash write off … Read the rest
Shares of both Evergreen Solar and JA Solar have experienced significant loss in value over the past couple of days due to their dealings with now-bankrupt investment banking giant Lehman Brothers. In June, Evergreen Solar lent Lehman Brothers 30,856,538 shares for hedging transactions, and buyers are afraid that Evergreen won’t get the money back for those shares. Prices dropped by $1.70/share yesterday, down to $4.60.
Michael El-Hillow, Chief Financial Officer, released the following statement… Read the rest
JA Solar (JASO) certainly didn’t report the blow out results that LDK Solar did but nonetheless it was a decent quarter, albeit a bit below what analysts had been expecting on the EPS side. The company reported an EPS of .14/share, about double the year ago result. Revenues were triple from the year ago and a bit higher than what analysts had been expecting at 180.3 million. The company issued strong guidance for 08 and … 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