Piper On Suntech Power (STP): “Distressed Balance Sheet Keeps Us On the Sidelines”
According to StreetInsider.com, Piper Jaffray is initiating coverage on Suntech Power (STP) today witha Neutral rating and a price target of $13. It calls the company’scurrent overcapacity, distressed balance sheet and lower utilization areason to stay on the sidelines until a meaningful pull back in thestock. They believe unabsorbed overhead and lower margin will persistthrough 2010. On the bright side, they believe the company is a costleader vs European suppliers and can survive the sharp drop in modulepricing.
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