Piper Jaffray Reiterates Their Buy Rating on ReneSola (SOL); Raises Estimates, Lowers PT
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Piper Jaffray reiterates their Buy rating on ReneSola (NYSE: SOL) and revises their price target from $40 to $35. The firm also raises their Q2 EPS from $0.33 to $0.37, FY08 from $1.37 to $1.50, and FY09 from $2.20 to $2.42.
The firm said, "Based on recent meetings/discussions with the company management, we
believe that we should see upside to our prior and consensus Q2 estimates on modestly higher ASPs, continued yield improvements, and capacity expansion slightly ahead of plans. Although dilution did occur from follow-on offering (6/18/08), we believe most of the recent sell-off is on macro issues (not fundamental to stock) such as Spain uncertainty and a broader China stock index decline."
With ReneSola currently trading at around $14 per share, there is about 150% upside to Piper Jaffray's $35 price target.
ReneSola, Ltd., through its subsidiaries, engages in the manufacture and sale of solar wafers and related products in the People's Republic of China.
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Comments
Renesola SOL the best out there
You dont have to say much about this stock. Even in this market it has remain in the green numbers!!!!!! I will buy all that I can before it breaks it 52 week high! Don't forget the Beijing Olimpics are coming next month and they will be a lot of publicity on solar stocks there.
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Renesola best of the SOLA- s
John Stevens on Jul 15, 2008 07:04 PMThis is the cheapest stock there is in its scetor. Look at the pitiful PE ratio compared to its peers. Even in teh downturn it is the biz. My advice is BUy BUY BUY.