24/7WallStreet.com notes that Credit Suisse has lowered price targets on several major solar stocks. Apparently, with the economic downturn, shares just aren’t selling for as much as the used to, and the price targets were adjusted to reflect the new economic reality. According to the article, they may be starting a trend, as we can expect other brokerage firms to start taking similar actions. Here’s a quick rundown of the affected companies:
… Read the restJA Solar Holdings
ReneSola (SOL) posted outstanding results this morning with an EPS of .38, nearly 4x higher than the year ago quarter and 6 cents ahead of analyst estimates. Revenues came in at 173 million, a 289% increase over the year ago quarter and more than 30 million ahead of estimates.
The company sees FY revenues of 640-670, vs prior guidance of 570 – 590 and the analyst estimate of 612.
“We are excited about the … Read the rest
Zacks analyst Jon Kolb discussed a few solar names in an interview released this morning.
On ReneSola (SOL):
"Through its short history, ReneSola regularly adapted to changing market dynamics. The company is aggressively ramping up its polysilicon and solar wafer production capacities.
Going forward, increased captive generation of polysilicon will improve its cost structure and enable wafer capacity expansions. Globally, rising solar wafer sales, along with escalating crude and long-term supply agreements, should collectively generate … Read the rest
According to Street Insider, Piper Jaffray reiterated their Buy rating on ReneSola (SOL) and revised the price target from 40 to 35 but raised their Q2 EPS from .33 to .37 and FY08 from 1.37 to 1.50 and FY09 from 2.20 to 2.42
Piper said "Based on recent meetings/discussions with the company management, we believe that we should see upside to our prior and consensus Q2 estimates on modestly higher ASPs, continued yield improvements, … Read the rest