AP....7/10/07
Sector Glance: Solar Cells
Tuesday July 10, 4:20 pm ET
First Solar Downgraded to 'Hold' After Monday's Jump; Trina, Yingli and LDK Set Highs
NEW YORK (AP) -- Shares of companies that make solar power cells were mixed Tuesday, with First Solar Inc. stock sliding after an analyst's downgrade.
Lazard Capital Markets analyst Sanjay Shrestha downgraded the stock to "Hold" from "Buy," saying stock was fairly valued after it rose to an all-time high Monday following First Solar's announcment that it had five new contracts.
"We continue to believe that First Solar should be a core holding in the solar sector and we would look to revisit our investment opinion on any weakness," he wrote in a research note.
First Solar shares gained 23.9 percent Monday, reaching an all-time high of $119.85. Assuming an exchange rate of $1.30 to 1 Euro, its new contracts are worth about $1.28 billion.
The shares slid $4.45, or 3.7 percent, to close at $114.70 Tuesday.
Trina Solar Ltd. shares continued to rise Tuesday, adding 74 cents to $68.11 after earlier trading at a high of $69.45. The company said it signed a series of contracts with European companies Monday.
Elsewhere in the sector, Evergreen Solar Inc. stock dipped 35 cents, or 3.4 percent, to $9.92.
JA Solar Holdings Co. Ltd. shares dropped $1.58, or 3.7 percent, to $41.18.
Shares of Solarfun Power Holdings Co. Ltd. rose 6 cents to $12.59.
Suntech Power Holdings Co. Ltd. shares fell 25 cents to $39.31.
On the positive side, LDK Solar Co. Ltd. rose 63 cents to $37. The stock reached $37.25, its highest price since trading began last month.
Shares of Yingli Green Energy Holding Co. Ltd. advanced 69 cents to $18.65. The stock, which began trading June 8, set a high of $18.88.
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