ReneSola (SOL) Shares Fall as Goldman Cuts to Sell

Shares of ReneSola Ltd. (NYSE: SOL) are trading more than 3 percent lower Friday morning as analysts at Goldman Sachs downgraded the stock from Neutral to Sell earlier. The firm absolutely slashed its price target on SOL shares from $12 to just $4.

Goldman is concerned with profitability at ReneSola "following the aggressive wafer capacity growth by GCL-Poly and the potential for prolonged wafer price war..." The firm calls ReneSola's plans to spend about $350 million in capex this year for capacity expansion "unnecessary given a likely over-supplied environment..."

With ReneSola shares last trading at $4.80 in pre-market action, Goldman's new price target implies potential downside of nearly 17 percent.

For more ratings news on ReneSola Ltd. click here and for the rating history of ReneSola Ltd. click here.

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