UPDATE: Citigroup Initiates Trina Solar at Neutral on Structural Industry Headwinds

Citigroup initiated Trina Solar

with a Neutral rating and a $5.00 price target. Citigroup said, "As one of the higher quality panel manufacturer in China, TSL is greatly leveraged to a recovery as the sector works off excess inventory over the next few years. That said, the industry is not only going through a cyclical trough but structural headwinds as well – mainly the commoditization of the modules business. Hence, our favorable stance towards more downstream players versus upstream manufacturers. We remain on the sidelines on challenging industry fundamentals." Trina Solar closed at $5.32 on Tuesday.