Wells Fargo Raises ReneSola Estimates Following Trade Show

Wells Fargo is raising its estimates and valuation range on ReneSola Ltd.

following checks at the Solar Power International trade show. “The wafer market is still very tight, supporting strong ASPs and healthy unit shipments,” Wells Fargo writes. “ReneSola also has the added benefit of having signed low cost poly contracts ahead of the spot market's recent rise, which should help keep the cost structure low and margins high in 2011.” Wells Fargo says that it is raising its 2010/2011 EPS estimates to $1.57/$2.30 from $1.49/$1.44 and its valuation range to $19-$21, up from a prior $12-$14.50. ReneSola currently trades for $14.73.