AmTech Reviews Solarfun's (SOLF) Q2 Earnings
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American Technology Research is out with a research report considering Solarfun's (Nasdaq: SOLF) Q2 earnings, which were reported yesterday morning. AmTech maintains its Neutral rating and $17 price target on Solarfun.
The firm calls Solarfun's results "strong" and attributes the strength in sales to "higher shipments in the quarter and strong ASP's, which are partially attributable to EUR strength." Despite the strong quarter results from a demand perspective, AmTech says it is "concerned about poly procurement for 2009 and beyond given our expectation for continued tightness." The firm said it would become more constructive on the stock "following evidence of declining blended poly costs greater than projected ASP declines."
AmTech's $17 price target on Solarfun is based on 12x the firm's new FY09 EPS estimate of $1.38.
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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