Today, General Electric Company’s Power Conversion business has been chosen by Pacifico Energy to provide its Brillance solar skid solutions for its mega-solar project in Furukawa. By partnering with some of the country’s largest projects, GE is at the forefront of helping Japan realize its solar energy production targets. GE’s involvement in the 56.9-megawatt direct current (DC) Furukawa mega-solar project, closely following the recently awarded Hosoe solar project, demonstrates GE’s commitment to continue to grow the sector.
GE Power Conversion’s Brilliance Solar Inverters meet the customer’s requirements both for reliability and cost competitiveness. Along with the inverters, GE is also supplying transformers, Ring Main Units and Recombiners, all of which are to be preassembled onto skids for ease of transportation and flawless installation at the site. GE will also provide a Long Term Services Agreement for a minimum of 20 years to proactively manage the maintenance and service of the GE equipment to support availability of the inverter systems throughout the lifetime of the project. These attributes are vital to the overall economics of the Furukawa solar project given decreasing local feed-in-tariffs (FIT).
“GE is committed to the Japanese solar industry. The Furukawa project together with the Hosoe solar project demonstrates how we are able to continually build our relationship and bring value to Japanese customers. We are proud that GE’s advanced solar technology is at the heart of Japan’s most emblematic solar projects,” said John Chatwin, Power & Industry Segment Leader, GE Power Conversion. (Original Source)
Shares of General Electric closed yesterday at $27.77. GE has a 1-year high of $28.68 and a 1-year low of $19.37. The stock’s 50-day moving average is $24.90 and its 200-day moving average is $25.95.
On the ratings front, General Electric has been the subject of a number of recent research reports. In a report issued on October 5, Barclays analyst Scott Davis maintained a Buy rating on GE, with a price target of $30, which implies an upside of 8.0% from current levels. Separately, on the same day, Deutsche Bank’s John G. Inch maintained a Hold rating on the stock and has a price target of $28.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Scott Davis and John G. Inch have a total average return of -2.3% and 11.5% respectively. Davis has a success rate of 50.0% and is ranked #3180 out of 3772 analysts, while Inch has a success rate of 72.4% and is ranked #678.
The street is mostly Bullish on GE stock. Out of 4 analysts who cover the stock, 3 suggest a Buy rating and one recommends to Hold the stock. The 12-month average price target assigned to the stock is $30.33, which implies an upside of 9.2% from current levels.