Caris Analysts Still Bullish on Solars (FSLR, SPWR, ESLR, WFR)

July 11, 2008 10:40 AM EDT

This morning, Caris & Co. made some interesting calls on several stocks in the solar sector, namely First Solar (NYSE: FSLR), SunPower (Nasdaq: SPWR), Evergreen Solar (Nasdaq: ESLR) and MEMC Electronics (NYSE: WFR). The firm initiated coverage on Sunpower, Evergreen and MEMC at Above Average, while First Solar was started at a Buy. Note: Caris' Buy rating is more bullish than its Above Average rating.

The optimistic coverage calls are intriguing as momentum in many solar stocks has been fading recently. Prior to this week's slight bounce in the sector, solar plays were near their lows of 2008. When considering that First Solar and SunPower are now up more than 10% from their recent lows, investors will likely view the Caris calls as very bullish since the firm apparently sees more upside despite the recent rises.

These four solar stocks are reacting differently to today's concerning market and the Caris research notes:

• First Solar is down more than $4, or about 1.5%, to $275.28
  
• SunPower is up more than 1%, or $0.80, to $70.88
  
• Evergreen Solar is down about 3%, or $0.28, to $8.70 and
  
• MEMC Electronics is down 1%, or $0.50 to $51.09.

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