Auriga Buy Maintains a 'Buy' on Hanwha SolarOne (SOLF); More Unexpected Demand

FREE Breaking News Alerts from StreetInsider.com!

SOLF Hot Sheet

Rating Summary:
2 Buy, 3 Hold, 0 Sell

Rating Trend: = Flat

Today's Overall Ratings:
Up: 19 | Down: 18 | New: 27

Auriga Buy maintains a 'Buy' on Hanwha SolarOne (NASDAQ: SOLF), PT $16.

Auriga analyst says, "We reiterate our $16 target on Buy-rated Hanwha SolarOne (formerly Solarfun) after its announcement of a 54MW-84MW supply agreement with MEMC's SunEdison division (WFR, NR). While not a surprise given its tolling of Q-Cells (QCE.de, NR) modules in the past, the size of the order is a surprise. We view this as further evidence of SOLF's improving quality as perceived by a growing sales channel diversified from Europe. "

"Our estimate for 235MW in module tolling in 2011 remains unchanged. A module tolling agreement with QCE helped service QCE's prior module sales into SunEdison, but as QCE currently has no planned projects with SunEdison, the current tolling agreement is not threatened by this supply agreement between SOLF and SunEdison. We view the SOLF/SunEdison agreement as a likely offshoot of the prior tolling agreement, as SOLF has already proved quality and price for SunEdison."

For more ratings news on Hanwha SolarOne click here and for the rating history of Hanwha SolarOne click here.

Shares of Hanwha SolarOne closed at $8.54 yesterday, with a 52 week range of $5.61-$13.48.

Discover Wall Street's best ratings calls with the pros - Ratings Insider Elite. Free Trial!