High Wafer Shipments Drive Revenue Beat for ReneSola (SOL); Roth Capital Remains Neutral

Roth Capital reiterated a Neutral rating on ReneSola Ltd. (NYSE: SOL), and raised the price target to $1.29 (from $1.16), following the company's 3Q earnings report. SOL posted a Q3 revenue beat of $368mn vs. consensus of $340mn. The beat came as a result of higher-than-expected wafer and module shipments. EPS was higher-than-expected at 8c vs. consensus of -2c. SOL issued Q4 revenue guidance of $275-295mn vs. prior consensus of $279mn.

Analyst Philip Shen commented, "SOL delivered a Q3 beat/better-than-expected Q4 guide on strong demand for wafer and module shipments in addition to the successful completion of project sales. Looking ahead, management remains focused downstream and expects to sell 130-150MW of projects in 2016. With ~104MW currently underway, we believe the target is more achievable. Although SOL is making downstream progress, we maintain our Neutral rating until we see greater visibility into the long-term profitability of its downstream strategy. PT to $1.29."

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 $1.29 yesterday.

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