Goldman Sachs Slashes Target on Suntech (STP) as Vicious Circle Remains

Goldman Sachs slashed its price target on Sell-rated Suntech Power (NYSE: STP) from $1.20 to $0.80, suggesting 58 percent downside from current levels.

The firm said the the vicious circle of Chinese solar investment – expansion, international dumping, anti-dumping investigations and duties, domestic dumping,
expansion – remains the key driver of the ongoing down-cycle.

Goldman does not expect poly ASP to trough until late 2012/early 2013, while module ASP should remain under pressure in 2013.

For an analyst ratings summary and ratings history on Suntech Power click here. For more ratings news on Suntech Power click here.

Shares of Suntech Power closed at $1.93 yesterday.

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