Citi Maintains 'Buy' Rating on Suntech (STP), Named 'Top Pick'
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Citi maintains a 'Buy' rating on Suntech (NYSE: STP).
Citi analyst says, "In the context of an industry shakeout in 2H09/2010, Suntech is our 'Top Pick' in China solar, given our belief that the company is well positioned to become the low-cost leader, driven by its scale, roadmap for higher cell efficiency, and attractive poly pricing through L-T contracts (with prices down 20%+ Y/Y in 2009, and reaching grid-parity level of below $70/kg by 2011/2012). As the industry shakeout weeds out weaker players, we expect Suntech to emerge from the industry oversupply as an even more dominant player, ready for the industry's next upturn."
Suntech Power Holdings Co., Ltd. (Suntech) is a solar energy company that designs, develops, manufactures and markets a variety of photovoltaic (PV) cells and modules.[SM]
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