t*******o
发帖数: 1464 | 1 【 以下文字转载自 bluechips 俱乐部 】
发信人: liliwater (lyrist), 信区: bluechips
标 题: Solar: Goldman Launches; Says Buy FSLR, JASO; Sell WFR, STP
发信站: BBS 未名空间站 (Mon Jun 28 14:01:43 2010, 美东)
Goldman Sachs analyst Mark Wienkes this morning launched coverage of the
solar sector with a Neutral rating on the group; among U.S.-based companies,
his best Buy idea is First Solar (FSLR), while he cites MEMC Electronic
Materials (WFR) as his best Sell idea.
“We initiate coverage of the U.S. solar industry with a Neutral coverage
view,” he writes. “We see benefits from large-scale projects ultimately
overwhelming near-term challenges and accelerating the transition from
subsidized markets towards parity.”
Wienkes contends that utility projects in the U.S. and China will drive the
industry toward pricing parity with other forms of power generation int he
2012-2015 period, “sooner than the Street expects.”
The analyst writes that the firm’s global solar research team sees demand
reaching 13 GW in 2010 and 17 GW in 2017, about 20% ahead of consensus,
driven by stable project returns despite lower subsidies. “We believe
higher-than-expected demand and price declines will accelerate the profit
share shift from high-cost European manufacturers to First Solar and low-
cost producers in China.”
Here’s a rundown on his stock calls on the group:
First Solar: He sets a Buy rating and $150 price target, asserting that “
increasing exposure to U.S. utility scale installations should solidify
visibility into our above consensus 2011 EPS and dredge a wider competitive
moat for First Solar.”
SunPower (SPWRA): Neutral rating, $15 price target.
MEMC: Sell rating, $9 price target. He says there is more risk than reward,
given a “below consensus and sub-peer margin recovery, higher executive
risk and lower expected returns given a more capital-intensive business mix
and lower financial flexibility and a higher valuation than is commonly
perceived.”
Meanwhile, analyst Amy Song picked up coverage on five China-based solar
stocks. Here’s a rundown:
JA Solar (JASO): Buy rating, added to Conviction List. $7.50 target price.
Suntech (STP): Sell. Target price, $8.40.
Trina (TSL): Neutral.
Yingli (YGE): Neutral.
GCL-Poly Energy (3800.HK): Neutral.
Song writes the Euro/dollar exchange rate will be “main swing factor” for
the stocks in the near-term; for the medium-term, she thinks “asset light
midstream manufacturers” should provider better cash returns and better
weather declining average selling prices.
Song writes that she likes JA Solar for a relatively low risk profile,
improving cash returns, and a stronger balance sheet than peers.
Suntech, she says, has an “unwarranted” high P/E of 16x 2011 “given its
lower cash margin and stretched balance sheet.” | y***q
发帖数: 4147 | | K********g
发帖数: 9389 | 3 我得STP是永无出头之日了
【在 y***q 的大作中提到】
: fslr那么贵的，并股了又？
| u****d
发帖数: 23938 | 4 捂吧；
【在 K********g 的大作中提到】
: 我得STP是永无出头之日了
| y***q
发帖数: 4147 | 5 看看偶的hw吧
还有bpsg
【在 K********g 的大作中提到】
: 我得STP是永无出头之日了
| K********g
发帖数: 9389 | 6 捂就一个字
【在 y***q 的大作中提到】
: 看看偶的hw吧
: 还有bpsg
| y***q
发帖数: 4147 | 7 bpsg要捂成肥料了
【在 K********g 的大作中提到】
: 捂就一个字
| K********g
发帖数: 9389 | 8 哈哈哈，STP不回
【在 y***q 的大作中提到】
: bpsg要捂成肥料了
| y***q
发帖数: 4147 | 9 stp本来就是肥料
【在 K********g 的大作中提到】
: 哈哈哈，STP不回
| u****d
发帖数: 23938 | 10 不会捂成LDK吧？
【在 K********g 的大作中提到】
: 哈哈哈，STP不回
| K********g
发帖数: 9389 | 11 能不能吉言哟
【在 y***q 的大作中提到】
: stp本来就是肥料
| y***q
发帖数: 4147 | | K********g
发帖数: 9389 | 13 越来越狠
【在 y***q 的大作中提到】
: 中概太垃圾了
| p*****0
发帖数: 3104 | 14 要像我 淡定
要有放5年的决心
【在 K********g 的大作中提到】
: 越来越狠
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