Piper Jaffray initiated coverage on several solar stocks last night and is generally bullish with 9 Overweights and a few Neutral ratings. Most of the price targets are way above the current prices. Here’s the run down…
Overweight:
First Solar (FSLR) with 200 price target.
Renesola (SOL) with 20 price target.
Yingli Green Energy (YGE) 14 PT.
LDK Solar (LDK) 12 PT
SatCon Technology (SATC) 5 PT
Trina Solar (TSL) 35 PT
SunPower (SPWRA) 20 … 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
LDK Solar (LDK) announced this morning that it has filed an objection for arbitration before the China Intl Econ & Trade Arbitration Commission as well as a lawsuit to demand compensation from Canadian Solar (CSIQ) due to a breach of a 10 year supply agreement signed in 2008. Despite the news, shares of CSIQ are up nearly 3% today and trying to push above resistance of the 50 day moving average.
===> Click Here For … Read the rest
LDK Solar (LDK) announced that they have been invited by Anhui Provincial Governmen to invest in a solar cell and module facility in Hefei High-Tech Industrial Development Zone to establish a renewable energy manufacturing hub in the Province. The facility will include an annual capacity of 1.0 GW of solar cells and 500 MW of solar modules with production expected to begin Q2 2011. Hefei High-Tech Construction and Investment Group will provide financing of RMB … Read the rest
LDK Solar (LDK) is announcing some solar supply deals of its own this morning. The company will supply 50MW of solar modules to Spain’s Enel with 30MW deliverable this quarter and an option for an additional 20MW next quarter.
“We are very pleased to enter this sales agreement with Enel, a globally recognized power provider and dedicated leader in the production of PV systems,” stated Xiaofeng Peng, Chairman and CEO of LDK Solar. “As demonstrated … Read the rest
LDK Solar just announced that it has signed a supply agreement with ABB SpA, a subsidiary of ABB Group based in Italy. Per the contract, LDK will supply ABB with 13MW worth of its solar modules, with delivery slated for the 3rd quarter of this year. An expanded contract for larger volumes of modules to be delivered this year and next year is currently being negotiated.
===> Click Here For Your FREE LDK Solar Analysis… Read the rest
LDK Solar (LDK) announced after the bell today that it has signed a contract to supply solar modules to Spain based Gestamp Asetym Solar. LDK Solar will provide 15.8MW of solar modules to Gestamp during the 3rd quarter.
LDK Solar CEO Xiaofeng Peng commented: “We are very pleased to commence a relationship with Gestamp Solar, a leader in the development of PV projects. As demonstrated by this contract, we continue to experience solid demand for … Read the rest
A few analyst ratings/notes to highlight this morning.
The biggest was the two notch upgrade of LDK Solar (LDK) by Bank of America from Underperform to Buy due to lower risks of oversupply. Following the LDK Solar earnings report, I mentioned that I thought the stock offered a very compelling entry down at these levels and has the potential to double or triple if you’re patient. I still believe that. Shares of LDK gapped … Read the rest
Earnings results from the solar companies continue to be strong and that’s the case for LDK Solar (LDK) after the bell today. I don’t see a non GAAP number and no clear one time charges for this company, so I’ll stick with the GAAP EPS number of .06/share which beat analyst estimates of .01/share. Revenues were strong at $347.6 million vs the analyst estimate of $326. The quarter marks the 3rd straight profitable quarter with … Read the rest
LDK Solar just announced that it has signed a supply agreement with Phoenix Solar. Per the agreement, LDK will provide Phoenix with approximately 20 megawatts of solar modules later this year.
In a press release, Xiaofeng Peng, Chairman and CEO of LDK Solar, commented on the news:
“We are proud to partner with Phoenix Solar, an international leader in system integration as well as specialist for large-scale PV plants. Our PV modules are meeting … Read the rest