UPDATE: Rodman & Renshaw Lowers PT on SORL Auto Parts to $10

Rodman & Renshaw is out with its report today on SORL Auto Parts

, lowering its PT to $10. In its report, Rodman & Renshaw writes, "In line with our lowered financial projections we are also lowering our price target on SORL from $18.00 to $10.00. Our new price target translates into a P/E multiple of ~10x with respect to our EPS estimates for FY12." Rodman & Renshaw maintains Market Outperform on SORL. Shares of SORL closed Tuesday at $3.50, down 7.89% from Monday's close.