Deutsche Bank Lifts Target on ReneSola (SOL) to $3; Maintains Hold

March 19, 2012 3:26 PM EDT
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Price: $0.68 -2.86%

Rating Summary:
    3 Buy, 5 Hold, 5 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 35 | Down: 31 | New: 11
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Deutsche Bank raised its price target ReneSola Ltd. (NYSE: SOL) earlier from $2.50 to $3.00 following Q4 results Friday, but is keeping its Hold rating.

The firm comments, "Similar to peers, SOL reported Q4 shipments well ahead of guidance and consensus ests. However rapidly declining ASPs in the quarter led to gross margin of -9.1% (ex. inventory provision). The company expects module pricing to decline an additional ~17-18% in 1Q12 and wafer pricing decline ~8% leading to flat to slightly positive gross margins. We estimate the company will be break-even at best for the next two quarters in wafers and while modules are more profitable on a gross level, rising opex and geographic expansion will offset some of this benefit."

For an analyst ratings summary and ratings history on ReneSola Ltd. click here. For more ratings news on ReneSola Ltd. click here.

Shares of ReneSola Ltd. closed at $2.81 yesterday.

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