North Coast Solar Stocks

August 21, 2009

Suntech: Cowen Downgrades On Weak Profit Outlook

Filed under: STP — Tags: , , , , — Jason @ 1:30 pm

Posted by Eric Savitz

Cowen analyst Robert Stone today cut his rating on Suntech (STP) to Neutral from Outperform, citing the solar company’s weaker than expected outlook for both the rest of this year and 2010.

“Longer-term, we believe STP should benefit from large-scale, low-cost, higher-efficiency” technology, and a strong position in the China and U.S. markets. But he adds that “the stock is likely to be hammered for several quarters” by weak earnings, concerns about price competition and accounts receivable exposure to projects that don’t yet have funding.

Stone cut his 2009 EPS estimate to 16 cents, from 25 cents. For 2010, he slashes his outlook to 14 cents, from 60 cents.

STP today is down 24 cents, or 1.5%, to $15.55.


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