Solar Power (SOPW:OB) Initiated at BUY at Merriman

Sep 12, 2008
Author: SCP Editor

September 12, 2008 -  9:16am - Merriman Curhan Ford analyst Brian Tanous initiated coverage on Solar Power (SOPW.OB) this morning with a BUY and a 12-month target price of $4-5 per share. The stock opened at $1.35 this morning.

Tanous said that Solar Power has established a well-diversified business plan, he expects it to expand its commercial installation business deplooying Solyndra’s low-cost CIGS-based system, it is well positioned for margin growth and he is forecasting earnings of $0.38 per share on revenue of $178 million in 2010. Assuming an EV/FY09E sales ratio of 1.8x, he arrives at his price target.


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