Traders Use Bearish Raymond James Report as an Exit to Take Profits on Trina Solar
Raymond James analyst Pavel Molchanov released a report this morning downgrading Trina Solar (NYSE: TSL) to an Underperform from a Market Perform rating saying the company is experiencing "irrational bullishness" right now.
Later on in the report, Molchanov noted that the rally in module prices from the first half of 2013 and that he does not expect any significant margin improvement in Trina any time soon, which is what it would take to turn the company profitable.
Following the report, Trina Solar shares traded down 6.07 percent to $7.19, partially linked to the report, but also partially due to profit taking following its huge rally on Monday.
Latest Ratings for TSL
|Jan 2016||Morgan Stanley||Downgrades||Overweight||Equal-weight|
|Nov 2015||Morgan Stanley||Upgrades||Equal-weight||Overweight|
|Aug 2015||Axiom||Initiates Coverage on||Sell|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.