Solar Stocks of the Week: SOL, SOLF, FSLR, STP, YGE (8/17-8/21)
"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:
ReneSola Ltd. (NYSE:SOL) rose 2.79% to $5.53. On Thursday, the company announced it had been granted the exclusive right in a letter of intent with the Taiyangshan Development Zone in Wuzhong city, Ningxia Hui Autonomous Region, to develop a 150 megawatt ("MW") on-grid solar power project with a budgeted total investment of RMB 4.8 billion (about $706 million). Piper Jaffray reiterated Underweight rating on SOL, and maintained $4 price target.
Solarfun Power Holdings Co., Ltd. (NASDAQ:SOLF) declined 17.76% to $5.51. The company announced Q2:2009 earnings Tuesday before market open. Oppenheimer & Co. maintained Perform rating on SOLF. Lazard Capital Markets maintained Hold rating on SOLF. On Wednesday, Canaccord Adams maintained Buy rating on SOLF, and raised price target from $9 to $10. Collins Stewart maintained Hold rating on SOLF.
First Solar, Inc. (NASDAQ:FSLR) declined 14.28% to $121.54. On Monday, Jefferies & Company maintained Buy rating and $200 price target on FSLR. Societe Generale maintained Buy rating and $210 price target on FSLR. On Tuesday, Credit Suisse maintained Neutral rating and $135 price target. Wedbush Morgan maintained Outperform rating on FSLR, and reduced price target from $195 to $190. On Wednesday, JPMorgan maintained Neutral rating and $140 price target on FSLR. On Friday, Jefferies & Company downgraded FSLR from Buy to Hold, and reduced price target from $200 to $130.
Suntech Power Holdings Co., Ltd. (NYSE:STP) declined 13.27% to $15.30. The company reported Q2:2009 earnings Thursday before market open. Barclays Capital maintained Equal Weight rating on STP, and reduced price target from $15 to $14. Oppenheimer & Co. reiterated Underperform rating and $6 price target on STP.
Yingli Green Energy Hold. Co. Ltd. (NYSE:YGE) declined 10.94% to $11.07. The company reported Q2:2009 earnings Wednesday before market open. Piper Jaffray maintained Overweight rating and reduced price target from $15 to $14. Bank of America maintained Buy rating and $16 price target on YGE. On Thursday, Barclays Capital maintained Overweight rating on YGE, and reduced price target from $16 to $15. HSBC upgraded YGE from Neutral to Overweight, and raised price target from $9.50 to $16.
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