North Coast Solar Stocks

September 18, 2009

Suntech to perform in line with peers-analyst

Filed under: STP — Tags: , , , , — Jason @ 4:08 pm

Analyst expects Suntech Power to perform in line with peers; sector demand outlook rises

Friday September 18, 2009, 4:08 pm EDT

NEW YORK (AP) — Suntech Power Holdings Co. Ltd. (STP) is positioned to perform in line with its peers, as the Chinese solar energy company similarly suggests that demand will be stronger than normal in the coming quarters, an analyst said on Friday.

Barclays Capital analyst Vishal Shah maintained his “Equal Weight” rating for the stock, which he views as expensive. Shah held to his $14 price target.

Shares of Suntech climbed 38 cents, or 2.2 percent, to $16.99 in afternoon trading.

Shah said that the fourth quarter represents a typically weak season for demand, but Suntech, along with several solar companies, has suggested that this year demand will pick up.

Strong demand in August resulted in 100 percent utilization and Suntech is sold out through the end of October, Shah noted. Germany has been driving shipment strength, while demand in Italy has been slower than expected.

Shah estimated 2009 and 2010 earnings at about 12 cents per share and 45 cents per share, respectively. Analysts surveyed by Thomson Reuters predicted 2009 and 2010 profits of 21 cents and 58 cents, on average, respectively.


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