Applied Materials (AMAT) is up 8% this year (vs. Nasdaq -14%) as investors eagerly anticipate an announced $3B in orders from its SunFab solar-panel line, which promises to produce bigger, cheaper solar panels than those of industry leaders Sharp (SHCAY.PK), SunPower (SPWR), Suntech Power (STP) and First Solar (FSLR). But Barron's Bill Alpert thinks bulls may be jumping the gun: The company has yet to show it's able to install the huge 5.7 square-meter panels.
Solar power companies are still struggling to bring the per-kilowatt price of solar energy closer to grid parity (that is, in line with the cost of traditional electricity). A shortage of raw polysilicon that is used to make solar wafers has limited production and pinched margins.
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