UPDATE: China International Capital Reiterates Hold Rating, Lowers PT on ReneSola

In a report published Monday, China International Capital reiterated its Hold rating on ReneSola Ltd.

, but slightly lowered its price target from $2.10 to $1.80. China International Capital noted, “SOL reported strong 2Q revenue of US$233.0mn on 503.7MW of wafer and module shipments, beating guidance for the third consecutive quarter and 6.0% north of our estimate (475.1MW). ASPs were largely in line, with normalized GM +1.9ppt to 3.9%. Management reaffirmed its prior 2.2~2.4GW FY12 shipment target and guided ~100% utilization in 2H12. We see limited upside to SOL's GM over the next 3~4 quarters, but its strategy to gain end-market exposure and transition to the higher efficiency Virtus segment appeared to pay off, giving it a largely flat FY12e top line (vs. 18~38% drop among US-listed solar plays under our coverage).” ReneSola Ltd. closed on Friday at $1.51.