NordLB downgrades Solarworld to "sell" rating after Q3 figures

Nov 23, 2011 - NordLB today downgraded its recommendation on the stock of German photovoltaic (PV) group Solarworld (ETR:SWV) to "sell" from "hold" after the publication of third-quarter financial figures.

The share price target was lowered to EUR 2.30 from EUR 6.

The company's financial figures were disappointing, analyst Holger Fechner wrote in a study. Following a positive performance in the second quarter, the company faced difficulties in the third quarter, the analyst said.

Due to a weak demand and price and margin pressure, the analyst has significantly reduced his earnings forecast for the next years.

At 1625 CET today Solarworld's share gained 7.25% to EUR 3.034 in floor trading on the Frankfurt Stock Exchange. The stock increased 8.73% to EUR 3.04 at 1628 CET on Xetra.

(EUR 1.0 = USD 1.340)

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