Market Overview

UPDATE: Daiwa Capital Markets Downgrades Suntech Power to Sell on Structural Weakness

Related STP
Solar Stocks Shine as Short Interest Surges
Century 21 China Names Steve Ye as New CFO

Daiwa Capital Markets reduces its rating on Suntech Power (NYSE: STP) from Hold to Sell and reduces its price target from $3 to $1.50.

Daiwa Capital Markets comments, "We are cutting our 2012 and 2013 revenue forecasts by 20% and 30%, respectively, due to lower shipment and ASP assumptions, and expect STP to record a quarterly loss until 4Q13. We lower our six-month target price to US$1.50 (from US$3.00) now based on 0.45x 2012E PBR (0.7x previously) (0.9x 2012E stressed NTA). We also lower our rating to Sell (5) from Hold (3) as we expect closed at $ on Wednesday. STP continue to lose market share and record losses due to its weak position, and share-dilution/liquidity risk."

STP closed at $2.02 on Wednesday.

Latest Ratings for STP

DateFirmActionFromTo
Mar 2013CitigroupMaintainsSell
Mar 2013Raymond JamesDowngradesMarket PerformUnderperform
Mar 2013AxiomMaintainsSell

View More Analyst Ratings for STP
View the Latest Analyst Ratings

Posted-In: Daiwa Capital MarketsAnalyst Color Downgrades Price Target Pre-Market Outlook Analyst Ratings

 

Related Articles (STP)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters