Trina Solar (TSL) Hit with Two Downgrades as Outlook for Solar Worsening

November 7, 2011 11:15 AM EST
Get Alerts TSL Hot Sheet
Price: $9.93 -0.7%

Rating Summary:
    11 Buy, 18 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Shares of Trina Solar (NYSE: TSL) are underperforming the broader stock market Monday following several downgrades this morning. The stock last traded at $7.77, down 3.8 percent from Friday's closing price.

Trina was downgraded from Buy to Hold at Brigantine, and from Buy to Sell at Maxim.

Maxim's Aaron Chew is anticipating further guidance reductions at many of the Chinese solar companies. The analyst cited recent warnings from Trina, Yingli (NYSE: YGE), Canadian Solar (Nasdaq: CSIQ) and China Sunergy (Nasdaq: CSUN). Chew believes traders in the sector should watch JA Solar (Nasdaq: JASO) and LDK Solar (NYSE: LDK).

Chew slashed his price target on Trina shares from $22 to $5.

The analyst maintained a Sell rating on Suntech (NYSE: STP) shares, and reduced his price target on the stock from $2.50 to $1.50.

The Claymore/MAC Global Solar ETF (NYSE: TAN) is down 1.7 percent at last check Monday.

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