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Even as the market grinds lower in the current correction phase and solar stocks get slammed, GT Solar (SOLR) has stood out. Wednesday, SOLR made new 2 1/2 year highs on the announcement of its latest orders win. Surprisingly, this latest order is for polysilicon equipment (emphasis mine):

[SOLR]…has received its largest order to date for polysilicon production equipment and technology totaling $228 million from South Korea-based polysilicon producer OCI Company, Ltd. The production equipment will be incorporated into OCI’s new Phase 4 production facility. The order will be included in GT Solar’s backlog for its current Q1 FY12, which ends on July 2, 2011.

Other recent news:

May 16: “GT Solar Announces Multiple New Orders Totaling $84.3 Million for DSS Crystallization Growth Furnaces

May 10: “GT Solar Receives $91 Million in Orders from Customers in Asia for its Advanced Sapphire Furnaces

SOLR has surpassed my previous upper valuation target of $11.50. On the May 10th news, I decided to hold my position. After the May 16th announcement, I decided it was time to revise my upper valuation target. I will do so after earnings are announced on May 24th. I am very bullish going into that announcement.

click to enlarge

SOLR breaks out to fresh 30-month highs putting all-time highs in view

SOLR breaks out to fresh 30-month highs putting all-time highs in view

(Intra-day snapshot)

*Chart created using TeleChart

Be careful out there.

Source: GT Solar Breaks Out as New Orders Keep Rolling In