UPDATE: Jefferies Reiterates On Trina Solar Limited As Higher Gross Margin Drives Beat

In a report published Thursday, Jefferies analyst Joseph Fong reiterated a Buy rating on

, and raised the price target from $23.70 to $23.90. In the report, Jefferies noted, “Trina Solar reported 1Q14 results with NPAT of US$27m and diluted EPS of US$0.37, above our and consensus estimates. Management guided 2Q14 shipments of 950-1,010 MW in 2Q14 and reiterated their full year guidance of 3.6-3.8GW module shipment. The company expects to complete 400-500 MW of downstream PV projects by year-end. We reiterate our Buy rating.” Trina Solar Limited closed on Wednesday at $10.36.