Broadpoint.AmTech Maintains a 'Neutral' on Solarfun Power Hldg (SOLF); Raises PT
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Broadpoint.AmTech maintains a 'Neutral' rating on Solarfun Power Hldg (Nasdaq: SOLF), price target $8.
Solarfun reported a strong quarter relative to expectations, consistent with Chinese module peers this earnings season. Forward industry commentary continues to be constructive...We are taking up FY09 and FY10 earnings numbers across the board on better cost metrics and in-line ASPs. Our blended gross margin assumption for FY10 moves from 15.6% to 18.3%. The conservative nature of management during the turn-around will likely lead to further estimate revisions higher in the future. We maintain our Neutral without a near-term catalyst to point to, but look to become more constructive on pull-backs. We are raising our price target to $8, which implies 12x FY10 EPS. Continued positive poly-based pricing commentary is a positive for First Solar (Nasdaq: FSLR)."
To see all the upgrades/downgrades on shares of SOLF, visit our Analyst Ratings page.
Solarfun Power Holdings Co., Ltd., an investment holding company, develops, manufactures, and sells photovoltaic (PV) cells and PV modules.
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