UPDATE: Piper Jaffray Lowers PT on ReneSola from $2 to $1.60

Piper Jaffray maintained a Neutral rating on ReneSola

and lowered its price target from $2 to $1.60. Piper Jaffray remarked, “We reiterate our Neutral rating on SOL and lower our price target from $2.00 to $1.60 following our reset expectations for lower pricing along the value chain. We expect average module and wafer ASPs to decline to mid $0.60s and mid $0.20s by YE13, which implies a gross margin of low to mid single digits in FY13. We remain cautious on SOL based on the following: 1) lack of profit visibility 2) liquidity constraints and 3) industry oversupply. We revise our FY12 and FY13 EPS estimates to ($1.53) and ($1.68) from ($1.56) and ($1.28) previously. Reiterate Neutral.” ReneSola closed at $1.45 on Wednesday.