Nomura Securities Maintains a 'Neutral' on Trina Solar (TSL); 3Q Review

Nomura Securities maintains a 'Neutral' on Trina Solar (NYSE: TSL) price target of $7.00.

Nomura analyst, Nitin Kumar, said, "Trina reported normalized net loss of USD2.4mn for 3Q11 on lower-than-expected shipments and higher operating expenses. A ~150MW inventory build-up by end-FY11F is a concern with the cash cycle at its highest level since 2Q09. At 0.4x FY12F P/BV and 1.1x EV/replacement, Trina looks inexpensive for a company with a low cost structure, strong balance sheet and strong customer relationships. We largely maintain our FY12/13F net profit estimates but with the macro environment threatening to get worse and meaningful demand drivers likely to remain scarce until 2H12F, we await strong positive catalysts."

For an analyst ratings summary and ratings history on Trina Solar click here. For more ratings news on Trina Solar click here.

Shares of Trina Solar closed at $6.23 yesterday.

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