North Coast Solar Stocks

August 18, 2009

Shares of Chinese solar cell maker Solarfun Power decline on 2nd-quarter loss

Filed under: SOLF — Tags: , , , , — Jason @ 1:33 pm

Tuesday August 18, 2009, 1:33 pm EDT

NEW YORK (AP) — Shares of Solarfun Power Holdings Co. (SOLF) fell Tuesday after the Chinese solar cell maker posted a second-quarter loss on declining sales prices.

Shares dropped 53 cents, or 8.4 percent, to $5.79 in afternoon trading. The stock has ranged from $2.27 to $21.26 over the past year.

Solarfun’s adjusted results beat analyst estimates. But the company warned that average selling prices will decline further to $2 per watt, or below, by the end of 2009.

Lazard Capital Markets analyst Sanjay Shrestha said Solarfun shares are fairly valued. He maintained his “Hold” rating, citing an ongoing decline in polysilicon prices, which “should translate into an improving margin profile, despite anticipated average selling price reduction.”

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