In a report published Monday, China International Capital reiterated its Hold rating on ReneSola Ltd. SOL, but slightly lowered its price target from $2.10 to $1.80.
China International Capital noted, “SOL reported strong 2Q revenue of US$233.0mn on 503.7MW of wafer and module shipments, beating guidance for the third consecutive quarter and 6.0% north of our estimate (475.1MW). ASPs were largely in line, with normalized GM +1.9ppt to 3.9%. Management reaffirmed its prior 2.2~2.4GW FY12 shipment target and guided ~100% utilization in 2H12. We see limited upside to SOL's GM over the next 3~4 quarters, but its strategy to gain end-market exposure and transition to the higher efficiency Virtus segment appeared to pay off, giving it a largely flat FY12e top line (vs. 18~38% drop among US-listed solar plays under our coverage).”
ReneSola Ltd. closed on Friday at $1.51.
Market News and Data brought to you by Benzinga APIs© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Loading...
date | ticker | name | Price Target | Upside/Downside | Recommendation | Firm |
---|
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in