Suntech Power (STP) NewsBite - STP Upgraded By Ardour Capital

Posted: Wednesday, July 01, 2009 1:12 PM EDT

Suntech Power (STP) was upgraded today by analysts at Ardour Capital and the stock is now at $19.00, up $1.14 (6.38%) on volume of 6,127,994 shares traded. The brokerage upped STP to Buy from Hold. Over the last 52 weeks the stock has ranged from a low of $5.09 to a high of $48.64. Suntech Power stock has been showing support around $16.99 and resistance in the $18.87 range. Technical indicators for the stock are neutral and S&P gives STP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on STP the stock seems like it could be a candidate for an August out-of-the-money bull-put credit spread below the 16 range. [ABR-Seven Summits Strategic Investments NewsBite]

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