LDK’s New Contract Lifts Stock (LDK, SOLR, SOL, JKS, JASO, TSL)
Shares of LDK Solar Company (LDK) are up more than 4% after the company announced it signed contracts to provide solar modules to two leading electric power companies in China. The news is helping the Chinese Solar Stocks Index, which is up 4.2% on the day.
Shares of GT Solar International (SOLR) are pulling the Solar Stocks Index higher by 2.7% after Piper Jaffray said that the recent pullback in share price presents a buying opportunity for the stock. Piper said the company should start to be viewed more as an LED company rather than a solar company. The firm maintained its overweight rating on the stock.
One solar company’s day was not as bright. Shares of ReneSola (SOL) are marginally higher even though the company lowered second quarter results. RenaSola now sees revenues in the range of of $235 million to $245 million, down from $280 million to $300 million, citing falling wafer prices. This caused Wells Fargo to lower its price target to $6 to $6.50 from $9 to $10, however Wells Fargo reiterated an outperform rating. Collins Stewart was a bit more aggressive, lowering RenaSola’s price target to $3.60 from $6.50
A full listing of the two Solar Stock Indexes and related charts and metrics are available at tickerspy.com.
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