Collins Stewart Upgrades SolarFun Power (SOLF) to Hold; Raises FY09-10 Estimates
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Collins Stewart upgrades SolarFun Power (Nasdaq: SOLF) from Sell to Hold. $5 fair value.
Collins analyst says, "While SOLF still faces many challenges, we believe it has been able to renegotiate its long-term supply contracts to the point where it can significantly better handle the module ASP erosion expected in the quarters ahead. While its 10.8x P/E of our revised CY10 forecast is too high for us to recommend purchase of SOLF at this juncture, we no longer believe a Sell rating is warranted."
"We are raising our CY09 and CY10 EPS forecasts for SOLF to $0.20 and $0.47, respectively, from our prior forecasts of $0.14 and $0.34 due largely to lower assumptions for wafer and polysilicon costs, and slightly greater margins on tolling revenues."
Solarfun Power Holdings Co., Ltd., through its subsidiaries, engages in the development, manufacture, and sale of photovoltaic (PV) cells and PV modules.
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