Solar Energy stocks are on a run right now. For Monday, here are some of the results:
Canadian Solar (CSIQ) up 24.54%
Daystar (DSTI) up 4.32%
Evergreen Solar (ESLR) up 3.96%
First Solar (FSLR) up 6.01%
MEMC (WFR) up 3.52%
Solarfun (SOLF) up 35.58%
Sunpower (SPWR) up 3.05%
Trina Solar (TSL – News) up 17.26%
JA Solar (JASO) up 16.53%
Chinese solar company Trina Solar and First Solar have outperformed the sector since their IPOs. Trina is up 270.8% since its IPO; First Solar is up 224.7% since its IPO.
There was a similar run up in solar stocks in the first quarter of 2006. The sector crashed along with the May 2006 general market correction. At the time, solar stocks were tracking oil prices. That correlation seems to be waning.
Sunpower (SPWR) stocks has doubled since July. Over the past four years, revenues skyrocketed from $5 million to $236 million. Earnings are expected to double, from 51 cents a share in 2006 to 98 cents in 2007, and then to $2 in 2008. Sales could reach $680 million in 2007 and $1.2 billion in 2008.
David Edwards of ThinkEquity Partners, who rates SunPower a buy, says it ranks tops in what he looks for: people, product, potential, and predictability. His 12-month target is up from $50 to $60.
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