Suntech Power Holdings (STP: sentiment, chart, options) is more than 6% higher after Jesup & Lamont initiated coverage of the stock with a "buy" rating. Analyst Brian C. Yerger noted that STP is "the clear leader in the Chinese solar group," and added, "We believe a premium valuation is warranted and recommend purchasing shares... as the company should continue to display strong top and bottom line growth." Yerger set his price target on STP at $64 per share, a premium of about 45% to the stock's current price.

Other solar securities are also on the rise thanks to STP's halo effect. First Solar (FSLR) is up 4.5%, Trina Solar (TSL) has gained 6.5%, and Solarfun Power (SOLF) is nearly 8% higher.

Overall, today's positive initiation is nothing new for STP. Zacks reports that the equity has 9 "strong buys" and 3 "buys," compared to just 1 "hold" and no "sells." However, Yerger's price target for STP is slightly more bullish than average. Thomson Financial reports that the average 12-month price target on STP is $58.23.

Technically, the shares haven't done much to live up to analysts' high hopes. STP is down about 50% year-to-date, and today's rally was capped by resistance from the stock's declining 80-day moving average.