For Immediate Release
Chicago, IL – January 3, 2012 – Zacks.com announces the list of
stocks featured in the Analyst Blog. Every day the Zacks Equity
Research analysts discuss the latest news and events impacting
stocks and the financial markets. Stocks recently featured in the
blog include JA Solar Holdings Co. Ltd ( JASO),
China Sunergy Co. Ltd. ( CSUND), Coach
Inc. ( COH), Baxter International ( BAX)
and Becton, Dickinson and Co. ( BDX).
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Here are highlights from Friday’s Analyst
Blog:
JA Solar in German Supply
Contract
Leading manufacturer of high-performance solar power products,
JA Solar Holdings Co. Ltd ( JASO) announced that
it would supply solar modules to Solarhybrid AG. Solarhybrid AG is
a Germany-based project developer and general contractor for
turn-key utility-scale solar power projects.
Per the contract JA Solar would supply 19 MW of solar modules to
Solarhybrid's Allstedt I solar power plant in Halle, Germany. JA
Solar is the exclusive solar module supplier to the project.
Located on a former military airfield in Germany, the Allstedt I
solar power plant is expected to generate 19,030,000 kWh of
electricity annually and reduce carbon dioxide emissions by 266,381
tons over a service period of 20 years.
Going forward JA Solar anticipates total module shipments to
Solarhybrid to reach nearly 40 MW in 2011, including 19 MW of
modules for the Allstedt I project.
JA Solar is one of the most cost-efficient solar producers in
the world, with a geographically diverse customer base as well as
silicon wafer supply agreements in place to feed its production.
Positive factors include ongoing expansion programs, improving
operating efficiencies, rising margins and higher conversion
efficiency.
JA Solar is steadily expanding its customer base worldwide. It
is experiencing strong growth in several geographic end markets
including U.S., Canada, Italy, Japan, Australia, China and
India.
Looking forward, JA Solar expects third quarterly solar cell and
module shipments in the range of approximately 310 MW–330 MW.
However, faced with subsidy cutbacks in key markets like Germany
and Italy, the company trimmed its fiscal 2011 shipment outlook to
1.6 GW from the earlier forecast of 1.8 GW.
Thus, we currently have a long-term ‘Underperform’
recommendation on JA Solar. In the near term, apprehensions over
tepid module demand in Europe, rising competition, wafer
dependency, questionable financial stability of its customers and
an oversupply of solar cells in the market will restrain the
valuation of the company. The stock, in consort with its peer
China Sunergy Co. Ltd. ( CSUND), retains a Zacks
#5 Rank (Strong Sell rating).
Coach Walks the Tightrope
Being a leading American marketer of fine accessories and gifts,
Coach Inc. ( COH) boasts a proven strategy of
investing in stores to enhance sales productivity through product
innovation, compelling pricing strategy, new merchandise
assortments and a cost-effective global sourcing model. This
strategy should drive comparable-store sales and operating margins
in the long term.
Management remains confident of sustaining a double-digit growth
momentum in both the top and bottom lines, after posting
better-than-expected first-quarter 2012 results on the back of
healthy sales in North America and China.
The quarterly earnings of 73 cents per share beat the Zacks
Consensus Estimate of 70 cents and jumped 15.9% from 63 cents in
the prior-year quarter, buoyed by strong top-line growth. Coach
said that total net sales for the quarter came in at $1,050.4
million, up 15.2% from the year-ago quarter and above the Zacks
Consensus Estimate of $1,023 million.
The company’s long-term growth drivers include the expansion of
its global distribution model and its movement into
under-penetrated markets. After North America and Asia, Coach also
extended its global footprint in Europe. It is also investing in
rapidly-growing emerging markets, such as China, Brazil and Vietnam
to increase its brand awareness. The company continues to open new
dedicated men's stores and gain market share in North America.
Coach maintains a healthy balance sheet with significant cash
balance and negligible debt load. The company also has been
proactively managing its cash flows by making prudent capital
investments and enhancing shareholders’ return. The company’s
strong liquidity positions it well to drive future growth.
The company ended the first quarter with cash, cash equivalents
and short-term investments of $848 million and total long-term debt
of $24.1 million with shareholders’ equity of $1,816.5 million.
Coach generated a free cash flow of $194 million during the
quarter, and incurred capital expenditures of $31 million.
Coach also bought back approximately 1.1 million shares at a
cost of $55.30 per share, aggregating $59 million during the
quarter. The company still has $900 million at its disposal under
its share repurchase authorization.
Coach sells products that are discretionary in nature. Its
customers remain sensitive to macroeconomic factors including
interest rate hikes, increases in fuel and energy costs, credit
availability, unemployment levels and high household debt levels,
which may negatively impact their discretionary spending, and in
turn the company’s growth and profitability. Therefore, we remain
concerned about erratic consumer behavior and sluggish recovery in
the economy.
Fashion obsolescence remains the main concern for Coach’s
business model, which requires sustained focus on product and
design innovation. The company’s pioneering position may be
compromised by delays in its product launches.
Given the pros and cons, we prefer to have a long-term ‘Neutral’
recommendation on the stock with a price target of $64.00. However,
it holds a Zacks #2 Rank that translates into a short-term ‘Buy’
rating, and reflects the company’s optimistic attitude of
accomplishing double-digit growth in both top and bottom lines
going forward.
Baxter Collaborates with Momenta
Baxter International ( BAX) recently announced
a worldwide collaboration with Momenta Pharmaceuticals to create
and launch biosimilars. Biosimilars copy pre-existing, branded
biologics utilized in the treatment of many illnesses such as
auto-immune disorders and cancer. The deal is expected to be
fulfilled in the first quarter of 2012 subject to standard closing
clauses including passage of waiting period as per
Hart-Scott-Rodino Antitrust Improvements Act.
Following this agreement, Momenta will utilize its experience in
areas such as process and product development. Baxter will harness
its expertise in fields like sterile injectables.
Per the agreement, Baxter will pay $33 million upfront to
Momenta for working together on as many as six follow-on biologic
compounds. The company may incur more payments in future in order
to develop the compounds, subject to the fulfillment of regulatory,
technical and other milestones with regards to all six offerings.
Baxter believes that its agreement with Momenta provides synergy
to its early-stage pipeline and permits it to enhance its
leadership in biologics. Momenta stated that it was keen to have
Baxter as a working partner.
The news regarding Baxter still remains mixed. On the positive
side, Baxter’s focus on life-sustaining products, which are not
commoditized, partly insulates it from an economic downturn. The
company is able to generate recurring revenues, and consistent cash
flow, due to its focus on chronic diseases.
On the flip side, despite recent stability in Plasma Proteins
and Antibody Therapy sub-segments, we are concerned about
sluggishness in sales, a slightly somber outlook for some hospital
spending and tightening of reimbursement.
Improved execution has lifted sentiment somewhat toward Baxter.
The company is a good bet for value investors willing to wait as
fundamentals improve further. Among others, it competes with
Becton, Dickinson and Co. ( BDX) in certain
niches. We are currently Neutral on the stock, backed by a
short-term Zacks #3 Rank (Hold).
We maintain our ‘Neutral’ recommendation on Equity Residential,
which currently has a Zacks #3 Rank that translates into a
short-term ‘Hold’ rating.
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BAXTER INTL (BAX): Free Stock Analysis Report
BECTON DICKINSO (BDX): Free Stock Analysis Report
COACH INC (COH): Free Stock Analysis Report
CHINA SUNERGY (CSUND): Free Stock Analysis Report
JA SOLAR HOLDGS (JASO): Free Stock Analysis Report
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China Sunergy Co., Ltd. ADS, Each Representing 18 Ordinary Shares (MM) (NASDAQ:CSUND)
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China Sunergy Co., Ltd. ADS, Each Representing 18 Ordinary Shares (MM) (NASDAQ:CSUND)
과거 데이터 주식 차트
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