Downgrades Spur Chinese Solar Sell-Off (SOLF, JKS, YGE, SOL, JASO)
by Jason Smith | October 8th | Filed in: Green Investing News | International Stock and ADR News | Stock Sector News
The solar energy sector was mixed on Friday, but a number of Chinese players slid by -3% or more after some negative analyst sentiment. Solarfun Power Holdings (SOLF) led the decline with a -5% slide after Auriga took the stock to Hold from Buy based on valuation this morning. The stock has added more than 30% over the last three months, but is now trading roughly flat on a one-month basis. Auriga boosted the stock’s price target to $13 from $9 back in July, and after a brief run above the target, Solarfun is now trading -10% below its 52-week high.
Elsewhere in the Chinese solar segment, 2010 IPO JinkoSolar (JKS) and relative large-cap Yingli Green Energy (YGE) are down by more than -3% on the day after downgrades to Perform from Outperform at Oppenheimer this morning. Meanwhile, the analyst maintained its Outperform rating on Solarfun. JinkoSolar had its price target raised to $32 from $28 at Auriga on September 29, and saw its rating cut to Hold from Buy at Collins Stewart the following session.
As a whole, the Chinese Solar Stocks Index is off by -3% today, dragging its one-month lead over the S&P 500 to less than 2%. Top performers for the period include ReneSola (SOL) and JA Solar Holdings (JASO), which are in the minority of components to post gains over the past five sessions.
It will be interesting to see which analysts are on target with their solar forecasts. Investors can track the Chinese Solar Stocks Index for performance trends and a suite of other metrics at tickerspy.com.
More on this topic (What's this?)
Solarfun (SOLF) Launches New E-Star Solar Modules (Green Stocks Central, 10/8/10)
Solarfun (SOLF) EPC Contractor For 8MW Solar Plant In China (Green Stocks Central, 10/11/10)
Solar Soars Again: Is A Pull Back Looming? (The Market Financial, 5/13/13)
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