Cowen’s Stone Comments on Solar Sector Underperformance
Source: http://feedproxy.google.com/~r/smallcappulse/feed/~3/lGdIDrPDaFI/Posted on Wednesday, October 28th, 2009 | In Investing Lessons, Small & Micro Cap
October 28, 2009 ndash; Analyst Comments ndash; Cowenrsquo;s Rob Stone commented on the solar sector this morning noting that ldquo;We are puzzled by recent stock action in the solar group.rdquo; He said ldquo;H2 demand should support much better momentum and less seasonality entering 2010 than seen in H1:09, and upcoming German and Italian policy changes appear unlikely to be disruptive.rdquo; nbsp;He reiterated his OUTPERFORM rating on First Solar (Nasdaq:FSLR), SunPower (Nasdaq:SPWRA) and Trina Solar (NYSE:TSL).
Key Takeaways
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Demand from southern Europe appears strong
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Meeting with TSL suggested Q4:09 and Q1:10 could exceed expectations
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; JA Solar (Nasdaq:JASO) also indicated Q3 sequential growth above +60% guidance
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; New products are focused on reducing balance of systems costs ndash; STP Reliathon system for utility scale; SPWRArsquo;s T5 integrated module and mounting system; Energy Conversion Devicesrsquo;s tilted rack are a few examples.
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