Jefferies Ups Price Target on Suntech (STP) to $70; Solars Up on Rise in Oil

Jefferies & Co. raises its price target on Suntech Power Holdings (NYSE: STP) from $67 to $70. The firm maintains a Buy rating on the stock.

Following strong Q2 earnings, reported Tuesday morning, shares of Suntech rose about 12.4% yesterday. Adding on to gains, Suntech stock is up about $1.80, or about 4.3%, to $43.55 today. Jefferies raised price target on Suntech represents a 60% potential gain from current levels.

The majority of the solar sector is seeing upside today as oil prices have come roaring back after several weeks of downside. Crude is currently up $6.25 to $121.81.

Elsewhere in the solar sector:

• Akeena Solar (Nasdaq: AKNS) up 13.8%
  
• DayStar Technologies (Nasdaq: DSTI) up 5.9%
  
• Solarfun (Nasdaq: SOLF) up 5.7%
  
• SunPower (Nasdaq: SPWR) up 3.5%
  
• First Solar (Nasdaq: FSLR) up 1.6%

Suntech Power Holdings Co., Ltd. designs, develops, manufactures, and markets various photovoltaic (PV) cells and modules to provide electric power for residential, commercial, industrial, and public utility applications worldwide.

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