UPDATE: Axiom Capital Research Downgrades Suntech, PT at $2
Axiom Capital Research downgrades Suntech (NYSE: STP) to Sell from Neutral on cooling demand of solar panels from Germany.
Axiom Capital Research says, "After discussions with our German government contacts this morning, we learned that Germany's environment minister Norbert Roettgen (who has historically been an avid proponent for the solar industry) has proposed an overhaul to Germany's current solar PV incentive scheme, moving to monthly vs. bi-annual cuts; given calls from the other side to enact hard caps, we see Mr. Roettgen's proposal as a best-case scenario; with future installations in Germany set to subside vs. prior years, we believe the forward multiple investors are willing to pay for solar stocks will moderate considerably."
STP closed at $3.20 on Thursday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.