SunPower’s Unexpected Profit Pushes Solar Shares Up |
| Bloomberg - Jul 24, 2009 |
SunPower Corp., the second-biggest U.S. solar module maker, led solar manufacturers higher after reporting an unexpected second-quarter profit and raising guidance for the year as renewable energy financing recovered.
San Jose, California-based SunPower rose $5.87, or 24 percent, to $30.72 at 11:01 a.m. on the Nasdaq Stock Market. It was the biggest gain since Nov. 24. Suntech Power Holdings Co. climbed 2.9 percent to $19.48, Yingli Green Energy Holding Co. was up 5.8 percent to $14.35, and First Solar Inc., the biggest U.S. module maker, climbed 6.1 percent to $167.45.
“SunPower gave a much more positive tone on how credit markets are beginning to thaw,” Paul Clegg, an analyst at Jefferies & Co. in New York, said in an interview. He has a “buy’ rating on the shares and today raised his price target to $35 from $27. “That bodes well for China’s top manufacturers, like Suntech and Yingli.”
Read Full Article from Bloomberg
- Posted: 2009-07-24 12:20:07
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