Suntech Power (NYSE:STP): Industry Expert Positive on Suntech's Recent Partnerships
By Mark Wu
Suntech Power (NYSE:STP) has recently signed four partnership agreements with local governments of Shaanxi and Qinghai provinces, and the cities of Shizuishan, Ningxia and Panzhihua, Sichuan. These agreements allow Suntech to build photovoltaic projects in these areas, total capacity of these four projects is 1,800 MW.
The four areas in these agreements are rich in solar power, said Qian Jiang, chief energy analyst at China Investment Consulting, an independent research firm. He believes these agreements indicate that Suntech has targeted China's domestic market as its focus for future expansion of markets. He further believes such a strategy will solidify Suntech's leading market position in China.
Suntech Power (NYSE:STP) shares are up 28% year-to-date, ranking 60th among all Chinese ADRs (Full Ranking). On average, wall street analysts are expecting its revenue and EPS to rise 31% and 124% in 2010 over 2009. Out of the 29 wall street analysts covering STP, seven have a positive rating on the stock.
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