- Survivors pulled from Oklahoma tornado debris as toll falls |
- Analysis: Some Republicans see new scandal in Sebelius fundraising
- Convicted U.S. killer Arias would join tiny death row group
- Drop in U.S. underground water levels has accelerated -USGS
- Israel fires back at Syria after gunshots at its troops
Solar stocks rally on MEMC outlook, Goldman note
LOS ANGELES |
LOS ANGELES (Reuters) - Solar stocks rallied on Wednesday after silicon maker MEMC Electronic Materials Inc issued a better-than-expected 2011 forecast and Goldman Sachs urged investors to snap up shares of First Solar Inc.
MEMC, a St. Peters, Missouri-based maker of the raw material used in solar panels and semiconductors, forecast 2011 revenue on Tuesday well above analysts' estimates. Its stock was up 11 percent in midday trading on Wednesday at $12.91.
Ardour Capital analyst Adam Krop raised his rating on MEMC shares to "buy" from "hold" on Wednesday, saying the company will benefit from lower solar materials costs this year and a strong project pipeline in its SunEdison power plant business.
The shares of First Solar, the world's largest solar panel maker by market capitalization, rose more than 5 percent to 165.90, their highest since July 2009.
In a client note, Goldman Sachs analyst Mark Wienkes recommended First Solar stock, saying the company has "the largest, most credible pipeline of utility-scale projects."
In addition, Goldman noted solar stock valuations are "at record lows" and could represent a good buying opportunity for investors, despite declining government solar subsidies in Germany and Italy that could hamper demand this year.
"The path for investors is unlikely to be smooth, but the opportunity to own long-term solar leaders ... is appealing," Wienkes wrote.
Other solar stocks on the move on Wednesday included China's Suntech Power Holdings Co Ltd, up 3.9 percent at $9.16, SunPower Corp, up 5.9 percent at $14.67, and Trina Solar Ltd, up 5.9 percent at $27.93.
JA Solar Holdings Co Ltd was up 6.5 percent at $7.38, LDK Solar Co Ltd was up 4.3 percent at $13.42 and Yingli Green Energy Holding Co Ltd was up 3.1 percent at $12.11.
(Reporting by Matt Daily and Nichola Groom; editing by Robert MacMillan and Andre Grenon)
- Tweet this
- Share this
- Digg this