LDK has had a good year
Up about 70% since first discovered in Jan
Again, the longer term calls were the way to go
Message 24222655
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LDK climbs as sales outlook beats analyst views
Monday August 25, 5:23 pm ET
LDK Solar shares rise after company issues 2009 revenue outlook ahead of analyst expectations
NEW YORK (AP) -- LDK Solar Co. shares jumped Monday after the China-based solar wafer maker predicted 2009 revenue above analysts' expectations, saying it has attained its goal of increasing wafer production capacity ahead of schedule.
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LDK American Depositary Shares rose $4.24, or 9.2 percent, to $50.06. In the past year, the stock has traded between $19.64 and $76.75.
LDK expects $2.8 billion to $3 billion in annual revenue; analysts polled by Thomson Reuters have forecast $2.43 billion in revenue.
The company said it attained a goal of shipping 1.0 gigawatts ahead of schedule, and predicted it will ship 1.45 gigawatts to 1.55 gigawatts of wafer shipments in 2009.
LDK makes multicrystalline silicon solar wafers, which are the main raw material used to make solar cells.
In a note to investors, ThinkPanmure LLC analyst Peter Peng said he is "confident in LDK's expansion plans" after visiting the company's new supplier of multicrystalline casting furnaces, JYT Corp.
Peng said JYT's 800 kg multicrystalline furnace "is one of the first in the industry and could improve yield, while saving production costs."
He also visited Tangshan Silicon, which could be a competitor for LDK in polysilicon production, but said LDK "could actually benefit by actively participating in new technologies."
Peng rates the shares "Buy" with a $55 price target. |
