PiperJaffray Downgrades STP to Underweight, $6 PT

PiperJaffray has issued a report downgrading Suntech Power Holdings (NYSE: STP) to an Underweight rating, and lowering the Price Target to $6.00.

In the report PiperJaffray writes,” We downgrade STP to Underweight given the recent earthquake in Japan. Japan is the 5th largest market for PV accounting for 8% of 2011 global demand. We lower our estimate for the Japanese market to 1GW from 2GW previously… Our new PT is $6.00 based on applying an 7.5 PE multiple to our new 2012 EPS of $0.80.”

Suntech Power Holdings is currently trading at $8.04.