Bullish Coverage on Suntech Power

China-based Suntech Power Holdings was a strong performer today, up 7.27%, after Jefferies & Co. initiated a buy rating on the solar power company.

Analyst Jeffrey W. Bencik put a $38 price target on the photovoltaic cell maker's stock in a research report, commenting on the benefit from long-term silicon contracts and growth in the overall solar market.

After a quick analysis of the STP chart, we can see that there is still some resistance in the $33 area, and if we get a higher move in the next days, the mid term trend can definitely change with new 7 month highs.

STP Chart:


Suntech Power Holdings is one of the best performers in the solar technology group, and is one of my top choices for a renewable energy portfolio.

posted by IntoBlogs at 5:16 PM