Nomura Securities Maintains a 'Buy' on Suntech Power (STP); Q1 Review

Nomura Securities maintains a 'Buy' on Suntech Power (NYSE: STP).

Nomura analyst, Nitin Kumar, said, "Yesterday, Suntech reported 1Q profits below our estimates on lower shipments and slower margin expansion. For 2Q11 management guided low single digit shipments growth and flat gross margins q-q. While FY11 shipment guidance was maintained, revenue and margin guidance was reduced due to ASP pressure. We see the company continuing its geographical diversification away from Europe and into newer markets. We continue to like Suntech for its increasing vertical integration, geographical diversification and brand leadership enabling market share gains."

For more ratings news on Suntech Power click here and for the rating history of Suntech Power click here.

Shares of Suntech Power closed at $7.41 yesterday.

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