North Coast Solar Stocks

August 13, 2009

U.S. solar stocks down on dim results, Barclays cut

Filed under: FSLR, JASO, LDK, SPWR, STP, TSL, YGE — Tags: , , , , , — Jason @ 1:06 pm

Thu Aug 13, 2009 1:06pm EDT

* LDK Solar drops more than 18 percent

* Barclays downgrades U.S. solar energy sector to neutral

* Analysts upgrade, raise target price for JA Solar

NEW YORK, Aug 13 (Reuters) – U.S. solar power company shares fell on Thursday, led by an 18-percent drop in LDK Solar Co Ltd (LDK), which posted a wider-than-expected quarterly loss.

The slump came as Barclays Capital downgraded the U.S. solar energy sector to “neutral” from “positive,” as it sees slowing growth in demand and recommended that investors wait for better entry points.

And in Germany, Q-Cells AG, one of the world’s largest solar cell makers, said it would slash its workforce by about a fifth as a result of a price slump in the industry that caused a first-half loss before interest and tax.

“Although solar shares have underperformed so far, we believe lack of potential near-term catalysts, relatively rich valuation and weak seasonality could likely result in further downside pressure,” Barclays analyst Vishal Shah wrote in a note to clients.

In trading on the New York Stock Exchange, LDK Solar’s stock was down $2.06, or 18.38 percent, at $9.15.

China’s Yingli Green Energy Holding Co Ltd (YGE) was down 8.25 percent to $12.35, Suntech Power Holdings Co Ltd (STP) fell 7.19 percent to $17.03 and Trina Solar Ltd (TSL) fell 8.69 percent to $27.22.

On the Nasdaq, First Solar Inc (FSLR) was down about 60 cents at $144.39 and Sunpower Corp (SPWRA, SPWRB) slipped 44 cents to $28.32.

Still, some analysts saw a few sunny rays. Analysts at Simmons and Co upgraded Chinese solar company JA Solar Holdings Co Ltd (JASO) to “neutral” from “underweight” and Credit Suisse raised the target price of the company’s stock to $4 from $3.

JA Solar’s stock was down more than 8 percent to $4.09 on the Nasdaq on Thursday, a day after it posted a quarterly net loss.

(Reporting by Steve James in New York and Laura Isensee in Los Angeles. Editing by Gerald E. McCormick and Robert MacMillan)

Advertisements

Leave a Comment »

No comments yet.

RSS feed for comments on this post. TrackBack URI

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

Create a free website or blog at WordPress.com.

%d bloggers like this: