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Bank of America Merrill Lynch issued an earnings preview on alternative energy companies Thursday. The firm saw a “prime buying opportunity” heading into earnings and the upcoming Solar Power International trade show.
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Analysts Krish Sankar and Andrew Hughes held the view that “ solar stocks have been impacted more by de-risking and broader market concerns than by any underlying change in industry fundamentals.”
“With a number of industry and company specific catalysts also on the horizon...we see excellent buying opportunities heading into the industry’s biggest trade show (SPI Oct 20-23) as well as 3Q14 earnings season,” according to Sankar.
SunPower Corporation (NASDAQ: SPWR) - Buy, $44 price target.
SunPower presented the best risk/reward profile. Sankar saw “upside to the 8GW pipeline, and like the company’s diversified geographic and market segment exposure, YieldCo optionality, and Total-backed balance sheet. The company’s November 13th analyst day could also be a positive catalyst as we think management is likely to articulate its project strategy and deliver FY15 financial targets.”
SolarCity Corp. (NASDAQ: SCTY) - Buy, $95 price target.
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Sankar considered “35 percent Y/Y growth in 3Q14 California rooftop installations (up from 34 percent Y/Y growth in 2Q14) a good indication of strong US residential market fundamentals as the company continues to take market share and innovate.”
Sun Edison Inc. (NYSE: SUNE) - Buy, $28 price target.
The company continued “to execute on pipeline growth. Further details on its distributed generation (DG) build out, and emerging market focused YieldCo could serve as a positive catalyst as well,” according to the report.
Trina Solar Limited (NYSE: TSL) - Buy, $20 price target.
“We value Trina at a discount to the group mean (2x 2015E EV/Sales) to reflect its weaker balance sheet and more limited exposure to project development....What matters is Trina's cost leadership, which should allow the company to continue to post improved returns as the solar business fully shakes out,” according to Sankar.
SunPower Corporation recently traded at $29.14, up 2.64 percent.
SolarCity Corp. recently traded at $50.72, up 3.79 percent.
Sun Edison Inc. recently traded at $15.94, up 5.49 percent.
Trina Solar Limited ADRs recently traded at $10.14, up 5.52 percent.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.