Here are some analysts calls on SPWRA and WFR following last nights earnings reports.
FBR upgraded Sunpower (SPWRA) from Market Perform to Outperform and doubled the price target from $20 to $40. The firm noted that while while earnings were a mixed (beat on revenues, but lower margins), the upgrade is driven by increased business prospects in the rooftop solar market, which SPWRA’s will capitalize on. They expect funding for larger ground mounted systems … Read the rest
MEMC Electronics beat analyst estimates after the bell today reporting an EPS of .03 (estimates called for break even) on revenues of $283 million (estimates called for $231 million), but the stock is off after hours. This is another situation where analysts came in with very low expectations, so beating doesn’t necessarily mean the company is in great shape.
MEMC’s profits plunged 96% compared to the year ago quarter, while revenues plunged 47%, so not … Read the rest
This morning Citigroup is upgrading MEMC Electronics (WFR) from Hold to Buy, added to its Top Picks and raised the price target to $24 (a 50% premium over the current price).
Hat tip to Notable Calls for the following notes (read full article for more detail)
– Starting to reap meaningful cost reduction in poly operations
– plunging poly prices already built into the stock and it will recover long before poly prices … Read the rest
OK, this is a great example of an earnings report that can be reported positive by one news outlet (the mainstream) and reported negative by me after one time gains are removed. You’ll find that most news outlets report the GAAP number which includes one time gains and losses, distorting the true organic growth or deterioration of a company.
Analysts had predicted that MEMC Electronics (WFR) would report its first quarterly loss since 2002 in … Read the rest
MEMC Electronics (WFR) beat Wall St estimates after the bell today, but the good news ends right there. The company posted non GAAP profits of .65/share, which beat estimates of .61 but represented the first quarter of negative growth (-12%) over the year ago quarter in a couple years. Revenues came in about 17 million ahead of estimates but were also significantly lower than the year ago quarter.. 21% lower. However, it was at the … Read the rest
It was a very good day for solar stocks, particularly for First Solar (FSLR) which surged above its 50 day moving average for the first time in 4 months and continues to look like it put in a bottom down there around 100. I said on October 31st, that if you can get it anywhere close to 100, it’s one heck of a buy.. now I think if you can get it close to … Read the rest
It’s getting late but wanted to run down the upgrades/downgrades of today as well as a few notes..
Lazard Capital Markets analyst Sanjay Shrestha said this week that although macroeconomic factors continue to depress alternative energy stocks, the future looks bright. “We believe Barack Obama’s election is a long-term positive for the alternative energy group,” Shrestha said. “Until the financial markets show signs of stability, the economy will likely continue to overshadow other policy agenda … Read the rest
Not a good day for MEMC Electronics (WFR) today. It didn’t start out well with Collins Stewart downgrading the stock from Buy to Hold on falling polysilicon prices which resulted in reducing Q4 08 and 1H 09 projections to reflect the falling prices. The stock closed down today nearly 13% to a new multi year low.
For good measure the company is out after the bell downgrading itself, cutting Q4 sales guidance from $540 – … Read the rest
Here’s a rundown of today’s analyst notes on several solar names according to StreetInsider.com
Downgrades
– Raymond James downgrades Suntech Power (STP) from Strong Buy to Outperform and has price target of $15
– FBR downgrades GT Solar (SOLR) from Outperform to Market Perform
– Credit Suisse downgrades JA Solar (JASO) from Outperform to Neutral
– Wedbush Morgan downgrades SunPower (SPWRA) from Strong Buy to Buy and slashed the price target from $100 to $32. … Read the rest
According to StreetInsider.com, Collins Stewart has initiated coverage on MEMC Electronics (WFR) with a BUY rating and price target of $27. The firm believes the departure of CEO Nabeel Gareeb is bullish in that it may open up more long term relationships. They said:
“… the company’s $6.18 in net cash and potential to deliver $2.58 GAAP EPS in FY10 under a stress test forecast should provide support at current levels…CEO Nabeel Gareeb resigned … Read the rest