Jefferies took their scalpel to the solar sector today, slashing price targets on Canadian Solar (NASDAQ:CSIQ), Yingli (NYSE:YGE), First Solar (NASDAQ:FSLR), JA Solar NASDAQ:JASO), Solarfun (NASDAQ:SOLF), SunPower (NASDAQ:SPWRA), Suntech (NSYE:STP), SolarWorld (SWV.GR), Trina (NYSE:TSL) and MEMC (NYSE:WFR).
This was largely from the expectations of a variable feed in tariff for solar sometime soon, based on installed volumes.
Jefferies said, "weak German solar installs in 2H10 may minimize any immediate impact of FIT policy change, but we conservatively estimate a reduction (and in doing so partially remove a stock/policy overhang) in ASPs."
They expect a cut of about 9% cut (+/-3%) starting in April, and that's assuming a strong 5-6GW market in Germany for 2011.
Showing posts with label Solarfun Power. Show all posts
Showing posts with label Solarfun Power. Show all posts
Friday, January 14, 2011
Wednesday, January 12, 2011
Auriga Says Solarfun Power (NASDAQ:SOLF) Valuation Too Low
Saying the perception that Solarfun Power (NASDAQ:SOLF) is the weakest of Chinese solar companies shipping in volume, Auriga says that doesn't justify the current valuation of the company.
Auriga said, "While SOLF continues to be perceived as the weakest in the group of Chinese players shipping in volume, we do not believe this justifies its current valuation near tangible book. Well established sales channels and the recent backing by Hanwha (880.kr, NR) increase the probability of continued share gain at the expense of Western solar; in addition, an improving cost structure offsets any disastrous ASP declines that might occur. Our $16 target is 8x our 2012 EPS estimate of $1.93, up from our prior 2011 EPS estimate of $1.75."
Auriga maintains a "Buy" rating on Solarfun Power, which closed Tuesday at $9.14, gaining $0.06, or 0.66 percent. Auriga raised their price target on them from $14 to $16.
Auriga said, "While SOLF continues to be perceived as the weakest in the group of Chinese players shipping in volume, we do not believe this justifies its current valuation near tangible book. Well established sales channels and the recent backing by Hanwha (880.kr, NR) increase the probability of continued share gain at the expense of Western solar; in addition, an improving cost structure offsets any disastrous ASP declines that might occur. Our $16 target is 8x our 2012 EPS estimate of $1.93, up from our prior 2011 EPS estimate of $1.75."
Auriga maintains a "Buy" rating on Solarfun Power, which closed Tuesday at $9.14, gaining $0.06, or 0.66 percent. Auriga raised their price target on them from $14 to $16.
Tuesday, January 11, 2011
Auriga Talks JA Solar(Nasdaq:JASO), SunPower (Nasdaq:SPWRA), Jinko Solar (NYSE:JKS), Solarfun (Nasdaq:SOLF), Trina Solar (NYSE:TSL), Canadian Solar (
JA Solar(Nasdaq:JASO), SunPower (Nasdaq:SPWRA), Jinko Solar (NYSE:JKS), Solarfun (Nasdaq:SOLF), Trina Solar (NYSE:TSL) and Canadian Solar (Nasdaq:CSIQ) received some attention from Auriga, focusing primarily on Canadian Solar, SunPower and JA Solar.
Canadian Solar was pointed out for its cost model, which Auriga anaylyst Mark Bachman says is improving. For JA Solar, they're viewed as having strong upside because of their top cost structure and better sourcing of wafers. They were both upgraded by Auriga from "Hold" to "Buy."
For SunPower, they were downgraded on what appears to be no revenue growth through 2012, and will probably have no improvement to their valuaton. They were downgraded from "Hold" to "Sell."
Solar stocks suggested to invest in by Bachman were Solarfun (Nasdaq:SOLF), Renesola (NYSE:SOL) and Jinko Solar (NYSE:JKS), which he suggested for traders. He believes they have upside to them.
Trina Solar (NYSE:TSL) and First Solar (Nasdaq:FSLR) were offered as recommendations for long-term investors.
Canadian Solar was pointed out for its cost model, which Auriga anaylyst Mark Bachman says is improving. For JA Solar, they're viewed as having strong upside because of their top cost structure and better sourcing of wafers. They were both upgraded by Auriga from "Hold" to "Buy."
For SunPower, they were downgraded on what appears to be no revenue growth through 2012, and will probably have no improvement to their valuaton. They were downgraded from "Hold" to "Sell."
Solar stocks suggested to invest in by Bachman were Solarfun (Nasdaq:SOLF), Renesola (NYSE:SOL) and Jinko Solar (NYSE:JKS), which he suggested for traders. He believes they have upside to them.
Trina Solar (NYSE:TSL) and First Solar (Nasdaq:FSLR) were offered as recommendations for long-term investors.
Friday, January 7, 2011
JA Solar (NASDAQ:JASO), Solarfun Power (NASDAQ:SOLF), Advanced Energy (NASDAQ:AEIS), LDK Solar (NYSE:LDK) Recommended by Needham
Needham analyst Edwin Mok commented on the solar sector, and even though there will be a slowdown in 2011, still recommends JA Solar (NASDAQ:JASO), Solarfun Power (NASDAQ:SOLF), Advanced Energy (NASDAQ:AEIS) and LDK Solar.
Mok agrees with the consensus that Germany will definitely slowdown this year with solar, while the Czech Republic and France should be the strongest players in 2011. Others will be the U.S., Italy, China, Japan and Canada.
Those he has a hold on include Suntech Power Holdings (NYSE:STP), SunPower Corp. (NASDAQ:SPWRA) and First Solar Inc. (NASDAQ:FSLR).
JA Solar closed Thursday at $7.02, up $0.04, or 0.57 percent. Solarfun Power closed at $8.32, down $0.02, or 0.24 percent. Advanced Energy closed at $13.32, down $0.11, or 0.82 percent. LDK Solar ended the session at $10.29, losing $0.06, or 0.58 percent.
Mok agrees with the consensus that Germany will definitely slowdown this year with solar, while the Czech Republic and France should be the strongest players in 2011. Others will be the U.S., Italy, China, Japan and Canada.
Those he has a hold on include Suntech Power Holdings (NYSE:STP), SunPower Corp. (NASDAQ:SPWRA) and First Solar Inc. (NASDAQ:FSLR).
JA Solar closed Thursday at $7.02, up $0.04, or 0.57 percent. Solarfun Power closed at $8.32, down $0.02, or 0.24 percent. Advanced Energy closed at $13.32, down $0.11, or 0.82 percent. LDK Solar ended the session at $10.29, losing $0.06, or 0.58 percent.
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