We are seeing some positive reactions this afternoon in some of the solar stocks on an individual basis, despite energy prices not offering much of an added boost to the sector. Canadian Solar Inc. (NASDAQ: CSIQ) is up on an upgrade. ReneSola Ltd. (NYSE: SOL) is up on pact awards in China, and Suntech Power Holdings Co. (NYSE: STP) is up on a faster-delivery partnership. More details are below.
Canadian Solar Inc. (NASDAQ: CSIQ) won from an analyst call this morning. Oppenheimer reiterated its Outperform rating but raised its price target to $19.00 from $14.00. These shares are up 6% at $13.35 today, which still implies more than 40% gains to the new price target.
ReneSola Ltd. (NYSE: SOL) is up 8% at $5.81 on mid-day pact announcement. It reached agreements to develop some solar power generation projects with two municipalities in China. An LOI was signed with Yancheng for a 500 MW project over six years.
Suntech Power Holdings Co. (NYSE: STP) has entered into a pact with Nippon Express to increase solar panel sales in Japan. This aim is for faster delivery, according to a Nikkei report. These shares are up 1.9% at $15.59.
JON C. OGG
JULY 16, 2009
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