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YGE

Yingli Green Energy

$3.90

0.01 (0.26%)

, SCTY

Bought by TSLA

$20.05

0.26 (1.31%)

11:32
10/06/16
10/06
11:32
10/06/16
11:32

Axiom upgrades solar sector two notches on China demand outlook

Research firm Axiom upgraded its rating on the solar energy sector two notches to Overweight from Underweight. China's decision to reduce solar subsidies could cause global solar prices to jump in the first half of 2017, the firm stated. In conjunction with the note, the firm upgraded several Chinese solar energy companies, raising its ratings on Yingli Green Energy (YGE), Trina Solar (TSL) and JA Solar (JASO), all to Buy from Sell. The firm also upgraded solar energy system seller SolarCity (SCTY), which has agreed to be acquired by Tesla (TSLA), to Hold from Sell. SUBSIDY CUT SEEN SPARKING DEMAND: China's decision to cut solar subsidies as of January 1, 2018 could spark a surge in demand for solar installments in the country, wrote Axiom analyst Gordon Johnson II. In past years when Beijing cut subsidies, projects connected by June 30 were eligible for the higher subsidy, and solar demand in the first half of the year jumped as project developers looked to ensure that they received the higher subsidy, the analyst noted. If the same pattern occurs next year, solar demand in China should jump to about 25 gigawatts, or GW, in the first half of 2017, Johnson believes. The strong demand in China could cause global demand to come in at a run rate of about 78.3 GW in the first half of the year, versus Johnson's 2016 estimate of 58.1 GW, the analyst stated. HIGHER PRICES: The stronger demand will cause the prices of all kinds of solar equipment to surge, Johnson believes. As a result, many solar companies' margins and multiples will jump, he contended. OTHERS TO WATCH: Other publicly traded companies in the space include Canadian Solar (CSIQ), First Solar (FSLR) and SunEdison (SUNEQ), and SunPower (SPWR). PRICE ACTION: In late morning trading, Yingli added 1.3% to $3.92, Trina rose 0.9% to $10.34, JA Solar climbed 5.5% to $6.95, and SolarCity dropped nearly 2% to $19.67. According to the companies' merger, each share of SolarCity common stock will be converted into the right to receive 0.11 shares of Tesla common stock, which is also down 3.5% to $201.18 this morning.

YGE

Yingli Green Energy

$3.90

0.01 (0.26%)

SCTY

Bought by TSLA

$20.05

0.26 (1.31%)

SUNEQ

SunEdison

$0.05

0.0013 (2.62%)

FSLR

First Solar

$39.74

1.53 (4.00%)

JASO

JA Solar

$6.59

0.65 (10.94%)

TSL

Trina Solar

$10.35

0.085 (0.83%)

SPWR

SunPower

$8.84

0.58 (7.02%)

CSIQ

Canadian Solar

$14.71

0.94 (6.83%)

TSLA

Tesla

$208.46

-2.95 (-1.40%)

YGE Yingli Green Energy
$3.90

0.01 (0.26%)

10/06/16
10/06/16
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. AutoNation (AN) upgraded to Neutral from Sell at Goldman with analyst David Tamberrino saying valuation has bottomed and could be flat to slightly up in the near-term as SAAR bounces around the low-to-mid 17M range. 2. Trina Solar (TSL), Yingli Green Energy (YGE), and JA Solar (JASO) were upgraded to Buy from Sell at Axiom while the firm upgraded SolarCity (SCTY) to Hold from Sell. 3. PNC Financial (PNC) upgraded to Market Perform from Underperform at Raymond James with analyst David Long saying negative earnings revisions over the past two years have likely hit an inflection point. 4. Big 5 Sporting (BGFV) upgraded to Buy from Hold at Deutsche Bank with analyst Mike Baker citing accelerating sales trends and higher earnings power from profitability improvements. 5. Booz Allen (BAH) upgraded to Outperform from Market Perform at Raymond James with analyst Brian Gesuale saying the recent selloff creates an attractive entry point. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
AXIO
10/06/16
NO CHANGE
AXIO
Axiom upgrades solar sector sector to Overweight from Underweight
As previously reported, Axiom analyst Gordon L. Johnson II upgraded several stocks in the solar sector, including raising his ratings on Yingli Green Energy (YGE) to Buy from Sell, Trina Solar (TSL) to Buy from Sell, JA Solar (JASO) to Buy from Sell and SolarCity (SCTY) to Hold from Sell. The firm has also upgraded its solar sector rating to Market Overweight from Market Underweight, as they believe China's proposed Jul. 1, 2017 tariff cut will usher in about 25GW of 1H17 Chinese "pull-in" demand and that a possible election win by Hillary Clinton would serve as sentiment tailwind pushing clean energy funds to "refocus" on solar stocks.
10/06/16
AXIO
10/06/16
UPGRADE
AXIO
Buy
Yingli Green Energy upgraded to Buy from Sell at Axiom
09/30/16
ROTH
09/30/16
NO CHANGE
ROTH
Possible Chinese tariff cuts a negative for solar names, says Roth Capital
Roth Capital analyst Philip Shen noted media reports in China indicating that certain solar feed-in tariff levels may be cut by 23-52%, depending on region and project type, in January 2017. While there appears to be some confusion on which projects may qualify for the 2016 tariff ahead of the 2017 FIT stepdown, Shen tells investors that he sees the reports on the whole as more negative news for the industry. Publicly traded companies in the solar space include Canadian Solar (CSIQ), First Solar (FSLR), JA Solar (JASO), SolarCity (SCTY), SunEdison (SUNEQ), SunPower (SPWR), Trina Solar (TSL) and Yingli Green Energy (YGE).
SCTY Bought by TSLA
$20.05

0.26 (1.31%)

10/06/16
AXIO
10/06/16
UPGRADE
AXIO
Hold
SolarCity upgraded to Hold from Sell at Axiom
10/03/16
OPCO
10/03/16
NO CHANGE
OPCO
Perform
Review process of SolarCity acquisition may be delayed, says Oppenheimer
Oppenheimer analyst Colin Rusch believes the SEC review process of Tesla's (TSLA) acquisition of SolarCity (SCTY) could be delayed due to recent activity, especially new litigation. Further, the analyst believes extension to the timeline is likely to work against the deal given the risk of ongoing "collaboration to trigger gun-jumping rules." Rusch reiterates a Perform rating on Tesla's shares.
SUNEQ SunEdison
$0.05

0.0013 (2.62%)

07/27/16
OPCO
07/27/16
DOWNGRADE
OPCO
Perform
TerraForm Power downgraded to Perform at Oppenheimer
As previously reported, Oppenheimer analyst Colin Rusch downgraded TerraForm Power (TERP) to Perform from Outperform following the company's filing of preliminary financial data as part of an effort to solicit debt holders' waiver of filing deadlines ahead of a potential August 19th cross-default. With its revolving line of credit fully utilized, approximately $3.9B in total debt, and limited capital flexibility, the analyst sees TerraForm Power as "highly" levered and notes the uncertainty around risk to equity cash flows from ongoing negotiations. Further, he sees ongoing risk to O&M arrangements, performance guarantees, and operating and interest expense support from SunEdison (SUNEQ).
FSLR First Solar
$39.74

1.53 (4.00%)

09/30/16
09/30/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Amazon.com (AMZN) initiated with a Buy at Guggenheim. 2. Wal-Mart (WMT) initiated with an Overweight at KeyBanc and a Buy at Guggenheim. 3. Harley-Davidson (HOG) initiated with a Hold at Jefferies. 4. Coach (COH) was initiated with a Buy at Guggenheim while the firm initiated Michael Kors (KORS) with a Neutral. 5. First Solar (FSLR) initiated with a Buy at Williams Capital. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/30/16
WILL
09/30/16
INITIATION
Target $50
WILL
Buy
First Solar initiated with a Buy at Williams Capital
Williams Capital analyst Cynthia Motz initiated First Solar with a Buy and a $50 price target.
09/08/16
09/08/16
INITIATION

On The Fly: Top analyst initiations
Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Tesla (TSLA) initiated with an Underperform, $160 target at Cowen with analyst Jeffrey Osborne saying the company is well positioned for the long term but has a "material amount of execution risk" over the next 12 to 18 months. 2. AutoNation (AN) initiated with a Buy at CL King. 3. Wingstop (WING) initiated with an Overweight at KeyBanc. 4. Vivint Solar (VSLR), Sunrun (RUN), and SolarEdge (SEDG) initiated with an Outperform at JMP Securities with the firm initiated First Solar (FSLR) and SunPower (SPWR) with an Underperform. The firm also initiated Canadian Solar (CSIQ) with a Market Perform. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
JASO JA Solar
$6.59

0.65 (10.94%)

10/06/16
AXIO
10/06/16
UPGRADE
AXIO
Buy
JA Solar upgraded to Buy from Sell at Axiom
TSL Trina Solar
$10.35

0.085 (0.83%)

10/06/16
AXIO
10/06/16
UPGRADE
AXIO
Buy
Trina Solar upgraded to Buy from Sell at Axiom
SPWR SunPower
$8.84

0.58 (7.02%)

09/08/16
JMPS
09/08/16
INITIATION
Target $6
JMPS
Underperform
SunPower initiated with an Underperform at JMP Securities
JMP Securities analyst Joseph Osha initiated SunPower with an Underperform and $6 price target. Osha sees another leg down for shares given near-term challenges associated with the project business.
09/30/16
WILL
09/30/16
INITIATION
Target $9
WILL
Hold
SunPower initiated with a Hold at Williams Capital
Williams Capital analyst Cynthia Motz initiated SunPower with a Hold and a $9 price target.
CSIQ Canadian Solar
$14.71

0.94 (6.83%)

09/08/16
JMPS
09/08/16
INITIATION
JMPS
Market Perform
Canadian Solar initiated with a Market Perform at JMP Securities
08/24/16
LEHM
08/24/16
DOWNGRADE
Target $14
LEHM
Equal Weight
Canadian Solar downgraded to Equal Weight from Overweight at Barclays
Barclays downgraded Canadian Solar to Equal Weight and reduced its price target to $14 from $24. Analyst Jon Windham is cautious on leverage and said it poses a great risk relative to other names under coverage heading into what he expects to be a margin challenged 2017. Windham believes a broader issue for the industry is unintended and unavoidable consequences of government policy distorting the solar supply/demand model on a global scale.
TSLA Tesla
$208.46

-2.95 (-1.40%)

10/06/16
GSCO
10/06/16
NO CHANGE
GSCO
Autos and Autos Parts sector downgraded to Cautious from Neutral at Goldman
Goldman analyst David Tamberrino downgraded the Autos and Auto Parts sector to Cautious from Neutral saying the US Auto cycle peaked in 2015 and is being held up by increasing OEM incentives. The analyst said OEM earnings will decline in 2017/2018 as negative pricing and lower production pressure North American results, but expects suppliers' earnings to hold up longer. The analyst sees upside to Delphi (DLPH) and Harman (HAR) given exposure to secular growth areas and upside to Goodyear Tire (GT) given secular HVA tire growth. Tamberrino downgraded Lear (LEA) to Sell citing elevated expectations and valuation, cut BorgWarner (BWA) to Neutral on valuation, downgraded Tesla (TSLA) to Neutral on execution risk and capital deployment, and upgraded AutoNation (AN) to Neutral given a more defensive business.
10/06/16
10/06/16
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Tesla (TSLA) downgraded to Neutral from Buy at Goldman with analyst David Tamberrino saying he sees incremental risk to Tesla's business related to management's willingness to deploy capital for M&A, and he believes that any delay in the company's new Model 3 launch will be detrimental to shares. 2. JPMorgan (JPM) downgraded to Hold from Buy at Sandler O'Neill with analyst Jeffery Harte citing relative share outperformance. 3. Abercrombie & Fitch (ANF) downgraded to Sector Weight from Overweight at KeyBanc with analyst Jessica Schmidt saying the elevated promotions add to other headwinds, including the fact that the teen space is "overstored" and faces soft consumer demand and weak tourism. 4. American Express (AXP) downgraded to Reduce from Neutral at Nomura with analyst Bill Carcache saying the combination of weaker than expected revenues and higher than expected expenses will weigh on the shares. 5. Lowe's (LOW) downgraded to Neutral from Buy at Cleveland Research. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
10/06/16
GSCO
10/06/16
DOWNGRADE
GSCO
Neutral
Tesla downgraded to Neutral from Buy at Goldman
Goldman analyst David Tamberrino downgraded Tesla to Neutral and lowered his price target to $185 from $240. Tamberrino sees incremental risk to Tesla's business related to management's willingness to deploy capital for M&A, and he believes that any delay in the company's new Model 3 launch will be detrimental to shares. The analyst said there is room for downward estimate revisions as volume ramps slower and spending grows. Tamberrino's 2016 earnigns estimate of (59c) is above the Street's (93c), but estimates for 2017 through 2019 are on average 48% below consensus.

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DTEA

DAVIDsTEA

$9.30

0.15 (1.64%)

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TEL

TE Connectivity

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ENZ

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  • 09

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CNS

Cohen & Steers

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AWK

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DEI

Douglas Emmett

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IRIX

IRIDEX

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Medifast

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