SAN JOSE, Calif. (
) -- Shares of
surged Friday morning after the solar company's stock was upgraded.
Soleil Securities upgraded shares of SunPower to buy from hold, noting that "checks indicate that a large volume of system development business in the [photovoltaic] sector is going to be finalized in the fourth quarter of this year."
SunPower shares jumped 10.2% at midday, to $11.05.
The equity research firm expects SunPower to post earnings of 90 cents per share over the next fourth months.
Earlier this week solar industry peer
(TSL - Get Report)
experienced mixed broker action, a day after the Chinese manufacturer of solar photovoltaic products
beat earnings expectations and upped its forecast for solar shipment volume
>> Trina Solar Slides on Mixed Analyst Views
"Trina is speaking for the group and we've heard similar stories from all of Trina's Chinese peers and from
(FSLR - Get Report)
in the U.S.," Auriga analyst Mark W. Bachman told
. By reporting last in the queue of earnings reports in the sector, Trina had more time to look at future demand and was therefore the first to give a real indication that demand in 2011 will be stronger.
Bachman reiterated his buy recommendation, and upped his price target by $5 to $41 per share.
Trina raised its capacity numbers for growth between 40% and 50%, and expects to achieve scale of 1.5 gigawatts by the end of 2011.
>> Trina Solar Forecasts Brighter Future