Auriga issued reports on both Solarfun (SOLF) and Yingli Green Energy (YGE) and remain bullish on both.
They are maintaining the Buy rating on Yingli Green Energy (YGE) but reducing the price target a bit from $15 to $13 because the firm believes margins may be peaking. However they believe the Fine Silicon depreciation and Panda expansion costs are overblown and believe the company will continue to gain market share. Shares of YGE traded down … Read the rest
Solarfun (SOLF) has reported earnings results this morning that beat analyst estimates, but the stock is being pressured on news the company will raise funds in a follow on offering and will look to sell nearly $70 million in shares.
The company reported a non GAAP EPS of .69/share vs the analyst estimate of .49/share on revenues of $327 million vs the analyst estimate of $287 million. That’s another quarter of huge growth with quarter … Read the rest
Solarfun Power (SOLF) announced an EPC contract with Guangdong Guohua to design, engineer, build and supply the solar modules for an 8.1MW solar power plant in Heyuan City, China.
The plant which is subsidized by the national Golden Sun program is expected to be operational by the end of this year and cover 74 acres.
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SOLF CEO Ping Peter Xie commented: "We are excited to … Read the rest
Auriga is out downgrading shares of Solarfun (SOLF) this morning from Buy to Hold, but maintains the $13 price target because the firm feels the company may miss margin estimates on the Q3 call due to higher input prices. While they remain considerably bullish on the company, they recommend stepping aside until consensus expectations are re-evaluated.
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Their 2011 assumptions are unchanged and clarity on ramping … Read the rest
Jefferies reiterated its Buy ratings on Trina Solar (TSL), Yingli Green Energy (YGE), JA Solar (JASO) and Solarfun (SOLF) this morning. The firm believes more German & Japanese brands will source modules from China to cut costs. They believe JASO and SOLF will benefit the most while TSL and YGE may not be willing to manufacture for other brands. Shares of the China solar stocks are flat to down today after a nice run … Read the rest
Several analyst rating changes to tell you about this morning. Hat tip to Street Insider for the analyst commentary.
Needham & Company reiterated a Buy on Echelon Corp (ELON), but lowered the price target from $11 to $10.
“While uncertainty remains on the pace of uptake at utilities exploring AMI solutions as well as at current customers such as Duke, we continue to believe that Echelon has a solid technology offering that not only addresses … Read the rest
Solarfun (SOLF) reported another big quarter of growth and smashed analyst estimates in the process. It appears the company is quietly emerging as a top China solar play while companies like Suntech Power (STP), Trina Solar (TSL) and JA Solar (JASO) garner much of the attention. SOLF reported a non GAAP EPS of .59/share, which was more than double the analyst estimate of .25/share. Revenues were impressive too coming in at $258 million vs the … Read the rest
Solarfun Power (SOLF) has been awarded two Italian contracts totaling 12MW it was announced this morning. One contract for 6MW of solar modules was signed with GranSolarGhella while the other of the same size was signed with Tozzi Renewable Energy. All modules are expected to be delivered in the second half of this year.
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Dr. Peter Xie, President of Solarfun, commented, “We are pleased to have expanded … Read the rest
Just a few days ago Solarfun Power (SOLF) announced a credit facility worth RMB 6 billion from the Nanjing branch of the Bank of Shanghai. This morning they announced another big credit facility, this time worth RMB7 billion from Bank of China. It has a term of 10 years with specific draw downs subject to review.
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Gareth Kung, Chief Financial Officer of Solarfun, commented, “Our longstanding … Read the rest
Auriga is out maintaining its Buy rating on both Solarfun (SOLF) and JinkoSolar (JKS) and has raised the price targets for both.
Price target for SOLF goes from $9 to $13. “We have increased confidence that management will expand capacity meaningfully in 2011 and are modeling 979MW of shipments versus year-end capacity of 1,250MW… Our findings appear to be corroborated by the July 19 press release where the company announced plans to increase cell capacity… Read the rest