Trina Solar (TSL) Surges on Upgrade to Buy

Trina Solar (NYSE: TSL) is up 9 percent in early trading Monday following an upgrade at BofA/Merrill Lynch.

The firm raised its rating two-notches form Underperform to Buy and and lifted its price target from $2 to $17, which suggests 68% upside from Friday's close.

BofA/Merrill Lynch initially steered investors correctly after initiating coverage on the stock on 10/7/2011 with an Underperform rating. Shares fell as low at $5.80 after that call. However, they were late with their upgrade as shares moved 26% above the $8 level they traded at at the time of the original call. Notwithstanding today's move, shares of Trina has gained 58% since December 19th.

Investors are betting so far this morning that today's upgrade is the right move despite the recent action.

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