Roth Capital Cuts PT on ReneSola (SOL) to 65c Amid Q3 Miss, Weak Outlook
- Wall Street falls as investors ready for Trump's inauguration
- IBM (IBM) Tops Q4 EPS by 13c, FY17 EPS Guidance Beats Consensus
- American Express (AXP) Misses Q4 EPS by 7c, FY17 EPS Guidance Tops Views at Mid-Poinit
- Skyworks Solutions (SWKS) Tops Q1 EPS by 3c, Offers Q2 Guidance, Announces Buyback
- After-Hours Stock Movers 01/19: (SWKS) (QRVO) (NVAX) Higher; (AFMD) (SGYP) (IBM) Lower (more...)
Get inside Wall Street with StreetInsider Premium. Claim your 2-week free trial here.
Roth Capital cuts its price target on Sell-rated ReneSola (NYSE: SOL) from $1 down to 65 cents following Q3 results and outlook issued earlier in the week.
The firm offered the following overall thoughts:
With lower expected margins for SOL's manufacturing businesses, we believe the company's profitability ahead has become more dependent on its strategic shift to the downstream development and distribution businesses. SOL appears to be making progress in this transition with 24MW of projects recognized in revenue in Q3, 26MW of sales expected in Q4, and 130MW planned for completion by Q1'17. Given the progress made, we are increasing our forecasted 2017 project sales to 200MW from 170MW. Notably, 2017 project sales could exceed our forecast given SOL's 448MW of shovel ready projects and management's plans to build 130-140MW per quarter. We are maintaining a more conservative forecast due to the potential difficulty in aggressively scaling up the downstream business from an estimated ~60MW of projects sales in 2016.
Overall, we are lowering 2017 estimates on lower ASPs and margins for the wafer and module businesses and maintain our Sell rating as the company's debt burden could challenge earnings ahead.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Goldman Sachs (GS) PT Raised to $256.00 at Oppenheimer Following 4Q Report
- Checkpoint Software (CHKP) PT Raised to $115 at Oppenheimer
- Goldman Sachs Upgrades Dun & Bradstreet (DNB) to Neutral
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, Analyst PT Change
Related EntitiesRoth Capital, Earnings
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!