Independent Research reduces Solarworld share target, sticks to "hold"
Aug 19, 2011 - Independent Research lowered the share price target on German photovoltaic (PV) group Solarworld (ETR:SWV) to EUR 6.70 from EUR 11 and affirmed its "hold" recommendation.
The company's first-half financial figures missed the expectations of analyst Sven Diermeier but still turned out to be significantly better than the figures presented by rivals like Q-Cells (ETR:QCE), Conergy (ETR:CGYK) or Phoenix Solar (ETR:PS4).
The analyst pointed out that Solarworld continues to be profitable and will distribute a dividend.
However, Diermeier lowered his earnings forecast in light of the slower growth and uncertainty on the global PV market.
At 1604 CET today Solarworld's share lost 2.94% to EUR 5.61 in floor trading on the Frankfurt Stock Exchange. The stock fell 1.43% to EUR 5.578 at 1608 CET on Xetra.