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
SunPower (SPWRA) announced a new 130MW deal today and will supply Ecoware of Italy solar panels under a 4 year contract and begin delivering in the first quarter next year. Financials of the deal have not been disclosed.
The deal was a bright spot in an otherwise tough week for the company which last week cut its outlook and plunged more than 30% on euro weakness then hit was hit again today on a Deutsche … Read the rest
According to StreetInsider.com, Deutsche Bank is downgrading a few solars this morning from BUY to HOLD
– Canadian Solar (CSIQ) cut price target from $36 to $12
– Energy Conversion Devices (ENER) cut price target from $75 to $41
– First Solar (FSLR) cut price target from $200 to $160
– SunPower (SPWRA) cut price target $62 to $45
The first said, “As we assess 2009 we reiterate our view of (1) deteriorating fundamentals … Read the rest
Here are some analyst notes in the solar notes that came out during trading today:
* Piper Jaffray downgraded CSIQ from Buy to Neutral, lowered estimates and cut the price target from 30 to 11 on euro weakness and supply chain dislocation
* Piper Jaffray also cut the price target and lowered estimates on Yingli Green Energy (YGE) but maintained their Buy rating. Price target lowered from $26 to $15
* Piper Jaffray cut estimates … Read the rest
Sunpower (SPWRA) is off about 20% this morning after reducing its 4Q and 2009 earnings forecast due to currency fluctuations. The company indicated that due to changes in its global tax planning it has greater exposure to the euro which has been hit hard over the last couple months and will hit the company with a $17 million revenue loss in 4Q… Read the rest
According to StreetInsider.com UBS is downgrading the following:
– Sunpower (SPWRA) downgraded from Neutral to Sell (down
– Evergreen Solar (ESLR) downgraded from Buy to Neutral and $2.60 price target
– GT Solar (SOLR) downgraded from Buy to Neutral and $4.25 price target
– Energy Conversion Devices (ENER) from Buy to Neutral and $31 price target
Despite the downgrades, all solar names are up premarket with the overall market.… Read the rest
The analysts are weighing in on Sunpower (SPWRA) following their earnings report and the analysis is across the board. Citi is downgrading the stock to Sell and believes this is the last good quarter from the company for awhile! Ouch. Merrill Lynch is negative on SPWR as well, downgrading it from Buy to Neutral.
Then there’s Wedbush Morgan, with an against the grain STRONG BUY rating and $100 price target! Are they all looking at … Read the rest
Sunpower (SPWRA) reported very good results this morning. Excluding one time items, earnings came in at .60/share vs. the analyst estimate of .56/share on a 61% increase in revenues over the year ago quarter to 377.5 million. Analysts were expecting 350.4 million. The company sees FY08 EPS at 2.34 – 2.41 vs the analyst estimates of 2.23 and for FY09 the company expects earnings of at least 3.50/share with analysts expecting 3.67.
CEO Tom Werner: … Read the rest
I posted earlier about all the negativity surrounding the solar sector, but according to StreetInsider.com Gabelli is going out on a limb and issuing a buy rating and a $90 price target on Sunpower (SPWRA) saying “..centered on technology leadership, SPWRA produces the highest efficiency commercially available solar modules allowing the company to command a premium in the market, the high efficiency leads to a smaller footprint which makes SunPower the preferred choice for … Read the rest
SunPower and GE worked together on a project to provide a solar power system for HP’s printing technology research facility in San Diego, California. SunPower installed one of its SunPower(R) T10 Solar Roof Tile commercial roof systems at the HP building, which will reduce HP’s emission by more than 60 million pounds over the next 30 years. Instead of purchasing the system itself, HP is buying the energy from GE Energy Financial Services, which sells … Read the rest