November 21, 2008 ndash; ANALYST NOTES ndash; This morning Jesup amp; Lamontrsquo;s Brian Yerger, and Cowen amp; Companyrsquo;s Robert Stone both weighed in on Suntech Power (NYSE:STP), with Yerger rating STP at a BUY with a $9.00 price target and Stone maintaining his OUTPERFORMANCE rating indicating 50% upside vs. the market in 12 months. Here are the key takeaways from both analysts:

Yerger (Jesup amp; Lamont)

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Suntechrsquo;s leadership position in Chinese solar manufacturing industry should enable it to benefit from tremendous upheaval and probable shakeout of marginal producers in current macroeconomic environment;
nbsp;
middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Near-term results will be severely impacted (negatively) resulting in Yergerrsquo;s lowering of 2009 revenue and EPS estimates

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Yerger believes the current stock price of $5.39 reflects the bad news and thinks a large part of recent turmoil has been discounted

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Lowered price target to $9.00 from $60.00 and lowered multiple to 10x from 25x 2009 EPS of $0.91

Stone (Cowen amp; Company)

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sharply cutting estimates

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expect losses in Q4 and Q1 2009 due to softer margins on declining ASPs

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Expect shipments to rebound in Q2

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Believes liquidity remains adequate

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Shares will likely remain near book value until visibility improves

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Sees 50% upside vs. the market in 12-months

Other ratings on Suntech in November:

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Downgraded to SELL at Collins Stewart (11/20/2008). Collins Stewart had previously rated STP at HOLD (10/22/2008) and at BUY with $50 price target (2/21/2008) and a $65 price target (2/14/2008).

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rated BUY at Jefferies and Company with price target of $25 (11/17/2008). Jefferies had previously rated STP at BUY with $67 price target (5/23/2008) and $45 price target (9/21/2007).

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rated BUY at AmTech Research with price target of $14 (11/13/2008). AmTech had previously rated STP at BUY with price target of $55 (5/23/2008), a price target of $71 (2/21/2008) and a price target of $81 (11/15/2007).

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rated SELL at Deutsche Securities (11/10/2008).

middot;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp;nbsp; Rated NEUTRAL at Merriman Curhan Ford (11/6/2008). Merriman Curhan Ford had previously rated at BUY (10/23/2007).
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