Piper Jaffray Raises Estimates on ReneSola (SOL), Reiterates Buy
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Piper Jaffray raises estimates on ReneSola Ltd. (NYSE: SOL), reiterating their Buy rating and $35 price target, following strong results and guidance from the company.
Piper boosted FY08 revenues estimates from $622.1M to $663.1M and EPS from $1.50 to $1.43. Piper boosted FY09 revenues estimates from $969.1M to $1,203.1B and EPS from $2.42 to $2.82.
Piper lowered their valuation multiple to 12.5x their 2009 pro forma EPS estimate of $2.82 from 14.5x our prior 2009 pro forma EPS estimate.
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