According to StreetInsider.com, Citi is out maintaining it’s HOLD rating on Evergreen Solar (ESLR) but cut the price target from $6 to $3.
Says Citi:
“We applaud ESLR’s new strategy to focus on its competitive advantage making wafers that use less silicon. But even with much lower capital intensity, it still faces a tradeoff between slowing capacity expansion to preserve cash or gunning it, hoping to raise money. While this move makes this stock … Read the rest
TradingMarkets.com is reporting that a group of Chinese solar power companies has presented a plan to the Chinese Ministry of Science to try to drop the cost of producing solar power to 1 yuan/KWH within two years. Particpants in the plan include Solar Power Technologies, Trina Solar, Canadian Solar Inc, LDK Solar and Solarfun Power Holdings Co.
According to TradingMarkets.com,
… Read the restAn industry insider said it’s feasible to carry out the plan, which combines companies
Solarfun (SOLF) reported an EPS before one time provision adjustments of .16/share which represents a decline in growth over the year ago quarter for the first time in a few years but did beat low analyst expectations of .14/share. Quarterly revenue came in at $187.8 million, good for an 88% increase over the year ago quarter but a bit below analyst estimates of 195 million. The company sees Q4 shipments to be at or slightly … Read the rest
Solar stocks were up nicely today and the option volume spiked in many of the names.
The following showed up on my nightly scan for highest % change in option volume above its 10 day average:
SOLF 576%
LDK 346%
TSL 223%
STP 197%
YGE 196%
Most of the volume came from call buying so it will be interesting to see if these bullish bets pay off.… Read the rest
Goldman Sachs is out this morning with several calls on solar stocks:
Upgrades
* Upgraded Applied Materials (AMAT) from Sell to Buy and added to their Conviction Buy List
* Upgrades Yingli Green Energy (YGE) from Neutral to Buy but cut price target from $20 to $9
* Upgrades Trina Solar (TSL) from Sell to Neutral but cuts price target from $24 to $12
Maintain
* Maintains Buy rating on Suntech Power (STP) but cuts … Read the rest
With all the concerns being voiced about the possible impact of the credit crisis on the solar power market, it’s nice to have some good news to report. The stock market as a whole rallied a little bit yesterday, but according to Eric Savitz of Barron’s Tech Trader Daily, solar stocks in particular were "dramatically outperforming" the market as a whole. Many of the major solar players saw their share prices rise with double-digit … Read the rest
MSN Money reports that Solarfun Power Holdings, a company that manufactures silicon ingots and photovoltaic cells, has just released its financial results for the second quarter.
Some highlights of the report were as follows:
Since the first quarter of 2008, net revenue has increased 12.7% to 197.1 million US dollars. The average selling price of Solarfun stock has also increased, from $4.07 to 4.17/share. Over the past year, the company’s operating profit has increased … Read the rest
Alternative Energy Investors compiled a list of the highest and lowest performing green energy stocks for the week of 08/15/08-08/22/08.
And the winners for this week are:
1) Solar2 Ag XE:S2R
This solar energy company increased in value by 76%.
2) Nova Biosource Fuels, AMEX:NBF
Nova Biosource, a biodiesel company, saw its stock price rise by 50.5%
3) Quant Ene Fpo ASX:QTM
This heat pump manufacturer saw gains of 37.93%
According to Street Insider, Jefferies has initiated Solarfun (SOLF) with a Buy rating and a price target of 18.
An article at Seeking Alpha makes the case for Solarfun being a “solar giant”.… Read the rest
Solarfun (SOLF), the Chinese manufacturer of PV cells, has just announced the passing of its COO Hanfei Wang, who played a key role in the company’s growth strategy. Chairman Yonghua Lu, stated, "We are deeply saddened by Hanfei’s sudden and unexpected death. He was a leader in every respect – professional, passionate and driven to achieve excellence for Solarfun and his colleagues."… Read the rest