With SunPower set to report earnings on Thursday after the close, solar analysts have taken a fresh look at the company this morning–and at least three of them did not like what they saw. Analysts at Friedman Billings Ramsey, Thomas Weisel Partners and Pacific Crest all had words of warning this morning for investors in the stock, sharply reducing their forecasts for 2009.
Solar stocks are trading sharply lower this morning after Goldman Sachs analyst Michael Molnar declared he has become cautious on the solar group, “as less generous subsidies combined with a wave of supply pose a real risk.”
Solar stocks are having another rough day, one which looks all that much worse with the Dow Jones Industrial Average up well over 200 points. A number of analysts this morning wrote notes on their trips to the recent European solar conference in Valencia, Spain.
Sunshine is free. Solar modules are not. But they are getting cheaper: UBS analyst Stephen Chin today revised his forecast for solar module pricing to down 20 percent from a previous estimate of down 14 percent.
The sell-off in the solar sector continues today, due largely to ongoing concerns about a proposal for a sharp reduction in solar subsidies in Spain.
As I noted yesterday, the Spanish government is considering a proposal which would put a 300 MW cap on subsidized solar installations [...]
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