Downgrades Catch Up to Solar Stocks (FSLR, SPWRA, STP, more..)
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After opening today's trading session substantially higher, solar stocks are now trading deeply in negative territory on the back of several Deutsche Bank reports in which the firm downgraded First Solar (Nasdaq: FSLR), SunPower (Nasdaq: SPWRA), Energy Conversion Devices (Nasdaq: ENER) and Canadian Solar (Nasdaq: CSIQ) from Buy to Hold and Suntech (NYSE: STP) from Hold to Sell.
Buoyed by a wave of buying early this morning on news that China has planned a $586 billion economic stimulus package, solar stocks began trading about 6% higher this morning (as measured by a popular solar ETF, the Claymore/MAC Global Solar Index (NYSE: TAN), or the TAN). As the US indices came off their session highs, however, so did the solar stocks. As word of the Deutsche downgrades made their way around Wall Street, investors continued selling solar names. The TAN is now down nearly 4%.
Shares of First Solar are currently down 6.5%, shares of SunPower are down 4%, Suntech is down 10%, and Energy Conversion Devices is down 3%. Elsewhere in the sector: JA Solar (Nasdaq: JASO) down 14%, Solarfun (Nasdaq: SOLF) down 6%, China Sunergy (Nasdaq: CSUN) down 5%, LDK Solar (NYSE: LDK) down 3.4%, and Yingli Green Energy (NYSE: YGE) down 3.4%.
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Comments
Shows lack of Thought
These companies are making money and with the 30% federal tax credit for consumers that purchase solar just passed and extended for 8-years....these stocks are ridiculously under valued now.
STP a strong Buy
I totally agree that in a year, STP will be worth around 40 to 50. I guess analyst are just trying to push the STP down so that they can buy cheaper and make more money. I hold 1000 shares and will not be fooled to sell.
I say, bet the other way
Put me on record that people will wish they had bought STP at $14/share a year from now. They'll be wishing they bought it at $20/share a year from now.
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too late to sell
JB on Nov 12, 2008 07:32 PMthese oversold big players ought to bounce back. There is a funding gap of atleast 1 quarter but after that business ought to pick up.