The upgrades keep coming in for Suntech Power (STP) and JA Solar (JASO). Yesterday they were upgraded by Barclays and this morning Thomas Weisel is doing the same, upgrading both from Underweight to Market Weight. Both stocks are holding yesterday’s breakout moves well despite heavy selling in the overall market today. While it could be a rocky ride, solar stocks are increasingly showing signs that the bottom is in.
Itron (ITRI), the smart grid behemoth … Read the rest
A few analyst rating changes and coverage initiations this morning…
Barclays upgraded Suntech (STP), JA Solar (JASO) and Sunpower (SPWRA) to Overweight. All three are up about 8% today with STP and JASO breaking out of bases on the upgrade.
Wedbush Morgan isn’t quite as positive on Sunpower, lowering the price target from $29 to $21, but maintains its Neutral rating. Hat tip to StreetInsider.com for the following analyst comment:
“We believe investors do not … Read the rest
It’s not a done deal at this point, just a memorandum of understanding which can be broken, but Suntech (STP) and Pure Energies of Canada have agreed on a supply deal which will have STP supplying up to 17MW in solar panels next year. The MOU also provides a possible supply deal for 2011 as well.
Pure Energies servers Ontario’s rapidly growing residential solar market which has been supported by the local government.
Said Suntech … Read the rest
The good news keeps rolling in for American Superconductor (AMSC) with a couple new orders and upgrades in the last week or so, but the stock doesn’t seem to want to move much on the news. Perhaps today it can get going on an upgrade from Needham from Hold to Buy. The firm has a $40 price target on it.
Also getting an upgrade this morning is Suntech Power (STP) which was upgraded from Sell … Read the rest
Two pillars of the China solar industry, Trina Solar (TSL) and Suntech Power (STP) smashed the low expectations of analyst estimates this morning.
TSL reported a Q3 EPS of $1.29, versus the analyst estimate of $0.75. Revenue for the quarter was $249.7 million, much greater than the analyst estimate of $216.30 million. Shares are trading higher again this morning, up about 4%.
Suntech (STP) reported Q3 EPS of $0.16, 9 cents better than the analyst … Read the rest
Suntech just announced that they will be building a PV module manufacturing plant in the vicinity of Phoenix, Arizona. Once complete, the plant will have a 30 MW capacity. The plant should start production in late 2010, and will help Suntech provide better service to its US customers. It will also make Suntech’s production process more environmentally friendly, as it will reduce the carbon dioxide emitted from shipping product overseas to the US.
In a … Read the rest
Back in March, China’s Ministry of Finance launched a Solar Rooftop Program to increase energy efficiency and decrease cost. Soon thereafter, more than 100 applications were submitted and so far 91MW of solar projects have been approved to move forward. Suntech Power (STP) says it expects to develop about 20% of these projects. They have already developed 4MW and expects to develop the rest by the middle of next year
“Solar is an ideal … Read the rest
Suntech just announced that it has begun construction on its 50 MW solar plant in Jiangsu, China. Suntech is working with Huadian New Energy Development Company to build the plant. The company will design the plant and install 37,000 of its own PV solar panels. Suntech will also own a minority stake in the plant once it is built.
The first, 10MW phase of the plant could be in operation later this year. … Read the rest
Suntech just announced the closure of a 115 MW deal with EnXco, a unit of EDF Energies Nouvelles. The solar modules will be delivered next year 2010), and the partnership may be expanded in the future.
EnXco is expected to use the modules in installations in the US and Canada. In a press release SunTech’s chief strategic officer Steven Chan explained that “continuously leading solar innovations and delivering the most cost effective solutions are key … Read the rest
Suntech just announced that it will be implementing a new North American sales partner program, designed to attract more installers and help affiliated dealers increase sales. Dealers in the program will have access to a co-marketing fund, training, other services and will be first in line for Suntech products. Suntech has also created a new and improved online account access portal for its dealers.
In a press release, Mark McKahan-Jones, vice president, Dealer Sales Division, … Read the rest