Cowen Said CNE Recommendation On Solar in Spain Could Provide A More Orderly Transition (FSLR, ENER, SPWRE, STP, ESLR)
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Cowen & Co analyst Robert Stone commented on solar stocks today, saying a recommendations by the National Energy Commission suggests a more orderly transition in Spain. He said a new Spanish decree could be approved by the cabinet on Friday.
Specifically, Stone said, "If recommendations by the National Energy Commission (CNE) are adopted, an uncapped period in Q4 (albeit at the new lower FITs) should allow a more orderly transition from the strong momentum of installations YTD, to the stingy, 300MW quota system expected to commence in 2009." However, Stone notes the government is not bound by the CNE.
Stone said this should sooth investors fears of a sudden fall in module ASPs during Q4, which he said benefits the entire group near term.
Stone said the best positioned names are the thin-film players, like First Solar (Nasdaq: FSLR) and Energy Conversion Devices (Nasdaq: ENER), and c-Si companies with stronger polysilicon/wafer supply portfolios, like SunPower (Nasdaq: SPWR), Suntech Power (NYSE: STP), and Evergreen Solar (Nasdaq: ESLR).
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