UPDATE: Bank of America Downgrades ReneSola to Underperform

Bank of America has published a research report on ReneSola SOL and has downgraded the company from Buy to Underperform based on the company's anticipated difficult transition. In the report, Bank of America writes, "We met with management last week in China in advance of Friday's results call. Like other upstream-focused peers, ReneSola is making a push into downstream module sales. We are skeptical given softer than expected ASPs, and the company's relative inexperience selling modules, but acknowledge that with wafer margins under extreme pressure the company may have no choice. SOL's wafer cost leadership is under assault, in particular from GCL. As a result we have revised our 2012 estimates sharply downwards from $0.14 to a ($0.19)." Bank of America has also lowered the price objective from $6.50 to $2 on ReneSola, which is currently trading flat at $2.55.