Chinese solar stocks shine
Seven out of the eight U.S. listed Chinese stocks made it to the overbought screen Thursday morning. Gains for the sector look limited from here as LDK Solar (NYSE:LDK), ReneSola Ltd. (NYSE:SOL) and Solarfun Power (NASDAQ:SOLF) have approached theoretical highs. Suntech Power (NYSE:STP), Trina Solar (NYSE:TSL) look better from a technical point of view but again, advance of Canadian Solar (NASDAQ:CSIQ) and China Sunergy (NASDAQ:CSUN) look excessive compared to the rest of the sector.
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Back to solar stocks: high oil price helps alternative energy plays such as solar, wind and hydro power. Solar stocks look good based on fundamentals as well after hitting a bottom in the middle of 2009. Shipments have dramatically increased while margins have stabilized. JA Solar (NASDAQ:JASO) has just raised 2010 Q1 shipment guidance. Four solar stocks out of the total eight reported revenue and earnings growth for the last quarterer of 2009.
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readingLabels: China, China Sunenergy, CSUN, LDK, ReneSola, SOL, Solar Stocks, STP, Suntech Power
Solar Stocks Upgrades
Some upgrades for Solar Stocks today:
SunPower (Nasdaq: SPWRA) raised from Hold to Buy. Price target lowered from $30 to $29. Shares are up 2.5% to $21.75 this morning. The firm's new target on SunPower suggests potential upside of 33%.
Suntech (NYSE: STP) raised from Underperform to Hold with a $12 target. Stock is flat in the pre-market session at $13.38.
Solarfun (Nasdaq: SOLF) raised from Underperform to Hold with a $7 target. Solarfun shares are up 0.4% to $7.85. Price target represents possible downside of about 10%.
China Sunergy (Nasdaq: CSUN) raised from Underperform to Hold. Price target raised from $4 to $4.50. China Sunergy is up nearly 4% this morning, last trading at $4.35. Jefferies new target suggests potential upside of about 3%.
Labels: China Sunenergy, CSUN, solar analysis, Solar Stocks, Solarfun, SOLF, SPWRA, STP, SunPower Corp, Suntech Power
China ADRS
Some comments on JASO Solar, Canadian Solar, and others on chinavestor.com
We have been bullish on Simcere Pharma (NYDSE:SCR) as late as Friday saying that " because a strong market day is likely to help SCR to keep going on Friday." But SCR is getting overbought and is ready to take a breather on Monday, according to the overbought indicator below. Stocks that look good are those with a strong but not an excessive gains - such as China Sky One Medical Inc. (NASDAQ:CSKI) and Vision China Media (NASDAQ:VISN). Chinese solar stocks have been strong lately with some of them on fire. JA Solar (NASDAQ:JASO) has been strong but looks to have more upside left, just as is for Canadian Solar 9NASDAQ:CSIQ) and Suntech Power (NASDAQ:CSUN). LDK Solar (NYSE:LDK) lost 20% in the last two trading sessions on news that the company is selling equity to raise cash, but that sudden drop makes a case for a possible comeback. Solar companies reported strong Q3 numbers with sweetened Q4 outlook. That should help LDK Solar in the near term and regain most of those losses by mid. January.
SourceLabels: CSIQ, CSUN, JASO, LDK, Solar Stocks
Chinese Solar Stocks Slide After China 'Crash'
Market moves south, and Solar Stocks follow:
Shares of China-based solar stocks are down across the board today after the Shanghai stock market fell 6.7% overnight on fears that the country’s economic growth could slow due to a slowdown in lending growth. Acording to Bloomberg, former Morgan Stanley Asian economist Andy Xie said the China market could drop another 25%, on top of a 22% slide in August.
Among the China-based solar names:
JA Solar (JASO) is down 14 cents, or 3.9%, to $3.48.
LDK Solar (LDK) is down 32 cents, or 3.5%, to $8.92.
China Sunergy (CSUN) is down 29 cents, or 6.3%, to $4.29.
Suntech (STP) is down 78 cents, or 5.2%, to $14.27.
Canadian Solar (CSIQ) is down 60 cents, or 4%, to $14.59.
Yingli Green Energy (YGE) is down 46 cents, or 4.2%, to $10.56.
ReneSola (SOL) is down 9 cents, or 1.6%, to $5.64.
Labels: Bearish, China, CSIQ, CSUN, JASO, LDK, Solar Stocks, STP
Barclays's take on solarstocks
Barclays Bullish on YGE and JASO, Says Take Profits on CSIQ and SOLFBy Chip Brian, SmarTrend Analytics Team
At the Intersolar trade show in Munich, Germany, Barclays Capital said key themes included the resumption of seasonality in demand, depletion of channel inventory, and that global solar shipments are tracking to the firm's 25% year-over-year decline forecast with potential upside from improved project financing programs. Barclays maintains its selective bias toward the Chinese solar companies it currently rates "Overweight" - Yingli Green Energy (NYSE:YGE) and JA Solar (NASDAQ:JASO). The firm recommends staying on the sidelines on China Sunergy (NASDAQ:CSUN), LDK Solar (NYSE:LDK) and Renesola (NYSE:SOL). Barclays suggested taking profits on Canadian Solar (NASDAQ:CSIQ) and Solarfun Power (NASDAQ:SOLF). Barclays also noted that First Solar's (NASDAQ:FSLR) analyst day on June 24 is a potential catalyst.
SourceLabels: Canadian Solar Inc., China Sunenergy, CSIQ, CSUN, First Solar Inc, FSLR, JA Solar Holdings Co., JASO, LDK, ReneSola, SOL, Solar Stocks, Solarfun, solarstocks, SOLF, YGE
