Barclays Reduces Suntech Power Target To $16 (STP)

Barclays Capital reduces their price target on Suntech Power (NYSE:STP)to $16 from $17.50 and maintains an Equal Weight rating.

Barclays analysts cut their financial estimates on Suntech becausethey believe solar module prices could decrease more than expected in2009 and 2010. They note Suntech’s competitors have aggressivelycutting prices in the German market, which creates pressure for thepricing of Suntech products.

Suntech Power Holdings Co., Ltd. (NYSE:STP) is the world’s leadingsolar energy company as measured by production output of crystallinesilicon solar modules. Suntech designs, develops, manufactures, andmarkets premium quality, high-output, cost-effective andenvironmentally friendly solar products for electric power applicationsin the residential, commercial, industrial, and public utility sectors.