It’s getting late but wanted to run down the upgrades/downgrades of today as well as a few notes..
Lazard Capital Markets analyst Sanjay Shrestha said this week that although macroeconomic factors continue to depress alternative energy stocks, the future looks bright. “We believe Barack Obama’s election is a long-term positive for the alternative energy group,” Shrestha said. “Until the financial markets show signs of stability, the economy will likely continue to overshadow other policy agenda … Read the rest
According to Barrons, Wedge Partners was out with a research note this morning saying that the China based solar companies are slowing production in anticipation of falling demand and prices.
Some highlights:
– Suntech (STP) is laying off about 10% of its employees, idled half its production lines and shelved plans to expand to 1.2GW by the end of the year
– JA Solar (JASO) is seeing customer orders down drastically and half of its … 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
As if to provide a large middle finger to FBR analyst Mehdi Hosseini, who yesterday cut the target price of Trina Solar (TSL) in half based on silicon supply shortages, Trina Solar (TSL) is out this morning actually raising its guidance, citing strong sales and distribution of products. The company now expects 3rd quarter revenues in the range of 285 – 294 million, up from a range of 250 -265.
With the bill to extend investment tax credits for renewable energy (finally!) past the Senate, Shares of several stocks that had taken a beating began to rise again. For example, shares of Energy Conversion Devices (ENER), which had taken a nosedive of 18.5% on Tuesday, were back up by 13 percent, to $63.79. Solar Integrated Technologies, one of Energy Conversion Devices major clients, lowered its guidance for the second half of 2008 based in part … Read the rest
Trina Solar announced that it has signed a 2-year sales agreement with Invictus NV, a Belgian company. Under the agreement, Trina Solar, a prominent manufacturer of solar photovoltaics, will supply Invictus with 20 MW in 2009 and 30 MW in 2010, with an additional 10 MW option for each of those years.
Arturo Herrero, Trina Solar’s Vice President of Sales and Marketing, commented on the deal, saying:
"We look forward to continue working with Invictus,
MSN Money reports that on Thursday, Robert W. Stone, an analyst from Cowen and Co, released a report providing an upbeat analysis for solar energy stocks. Assuming a investment tax credit in the US for solar power, as well increased participation from utilities and the states, demand for solar should climb from 6 gigawatts in 2008 to 14 gigawatts in 2010. He also expects use of solar power to grow in Italy and France, and
Trina Solar (TSL) reported a very strong quarter and more than doubled profits but missed analyst estimates of .81/share by reporting .76/share after taking out the one time charge for the closing of the polysilicon project in Lianyungang. The company was also hit on currency fluctuations to the tune of .24/share. Revenues came in ahead of estimates and nearly tripled to 204.2 million and the company raised expectations for the year.
Trina Solar (TSL) has entered into a sales agreement with Italy’s largest power company, Enel. The two agreement calls for supplying Enel with a total of 17MW. “We are very pleased to have entered into this sales agreement with Enel, a globally recognized power provider who is committed to investments in new power sources from environmentally-friendly technologies,” stated Jifan Gao, Trina Solar’s Chairman and Chief Executive Officer. “We look forward to building our relationship with … Read the rest
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