DB trying to make a buck
No wonder they are consistently on the losing end. Buy high and sell low?
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Deutsche Bank downgraded a number of solar photvoltaics stocks today from Buy to Hold, including First Solar (Nasdaq: FSLR), saying they view the solar PV company stocks as trading vehicles looking into 2009.
The firm downgraded:
Canadian Solar (Nasdaq: CSIQ) from Buy to Hold and cut its price target from $36 to $12 ('09 EPS est. $2.11, versus consensus of $2.73)
Energy Conversion (Nasdaq: ENER) from Buy to Hold and cut its price target from $75 to $41 ('09 EPS est. $2.27, versus the consensus of $2.41)
First Solar (Nasdaq: FSLR) from Buy to Hold and cut its price target from $200 to $160 ('09 EPS est. $6.77, versus the consensus of $6.95)
SunPower (Nasdaq: SPWRA) from Buy to Hold and cut its price target from $62 to $45 ('09 EPS est. $2.45, versus the consensus of $2.74).
Commenting on the downgrades, the firm said, "As we assess 2009 we reiterate our view of (1) deteriorating fundamentals which have been largely, but not entirely discounted, (2) an industry shake-out precipitated by an adequate supply of c-Si modules and significant module ASP declines, (3) a strengthening dollar with respect to the Euro, and (4) restricted access to capital y/y driving a near term negative change to order patterns. These issues are not new, and although there have been opportunities to step out of solar PV stocks, we believe now is appropriate to do so as well to reset the bar." |
