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:
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
*Chart created using TeleChart
Be careful out there.
Disclosure: I am long SOLR.