Solar Stocks of the Week: LDK, CSUN, FSLR, ESLR, ENER (8/24-8/28)
"Strong Buy" Rated U.S.-Listed Chinese Stocks (February 8, 2012)
By Michael Liu
Below are last week's notable solar stocks that had BOTH significant price changes and news events:
LDK Solar Co., Ltd. (NYSE:LDK) rose 3.36% to $9.24 in last week. Tuesday after market close, the company announced a PV project partnership with Yancheng City in China. Needham & Company maintained Hold rating on LDK. Cowen and Company maintained Neutral rating on LDK. Friday afternoon, the company announced results of its annual general meeting.
China Sunergy Co., Ltd. (NASDAQ:CSUN) rose 2.23% to $4.58. On Wednesday, Jefferies & Company previewed CSUN's Q2:2009 earnings, and maintained Underperform rating and $3.50 price target on CSUN. Cowen and Company maintained Neutral rating on CSUN. The company announced Q2:2009 earnings Thursday before market open. On Friday, Bank of America maintained Buy rating on CSUN, and reduced price target from $6 to $5.50. Barclays Capital maintained Equal Weight rating and $4.50 price target on CSUN.First Solar, Inc. (NASDAQ:FSLR) rose 2.20% to $124.21. On Tuesday, Macquarie maintained Outperform rating on FSLR, and reduced price target from $205 to $170. On Wednesday, Cowen and Company maintained Outperform rating on FSLR. On Thursday, FBR Capital Markets maintained Underperform rating and $110 price target on FSLR. Broadpoint AmTech maintained Buy rating and $250 price target on FSLR.
Evergreen Solar, Inc. (NASDAQ:ESLR) declined 12.70% to $1.65. On Tuesday, Macquarie reiterated Underperform rating on ESLR, and reduced price target from $1.25 to $1.00.
Energy Conversion Devices, Inc. (NASDAQ:ENER) declined 3.56% to $11.92. On Tuesday, Macquarie downgraded ENER from Neutral to Underperform, and reduced price target from $13 to $9.50. On Wednesday, Barclays Capital maintained Equal Weight rating on ENER, and reduced price target from $13 to $12. Jefferies & Company previewed ENER's Q2:2009 earnings, and maintained Underperform rating and $8 price target on ENER. Thursday before market open, the company reported financial results for the quarter and fiscal year ended June 30, 2009. UBS maintained Neutral rating, and reduced price target from $16 to $13. Piper Jaffray reiterated Underweight rating on ENER, and maintained $9 price target. Wedbush Morgan maintained Underperform rating and $14 price target on ENER. On Friday, Credit Suisse maintained Neutral rating on ENER, and reduced price target from $14 to $10. Barclays Capital maintained Equal Weight rating and $12 price target on ENER. Deutsche Bank maintained Hold rating on ENER, and reduced price target from $13 to $12.
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