Evergreen Solar Sails Higher on New Contractsadmin
Shares of Evergreen Solar Inc. shot up after the solar panel producer signed two long-term sales contracts.
Evergreen rose $2.06, or 20.1 percent, to close at $12.30.
Lehman Brothers analyst Vishal Shah raised his target price on the stock and predicted his Wall Street colleagues will soon raise their earnings forecasts for the company as well. That move added fuel to a rally that extended a week of gains.
The contracts with White River Junction, Vt.-based groSolar and Germany’s Wagner & Co Solartechnik GmbH announced late Wednesday run through 2012 and have a combined value of about $600 million.