Auriga Initiates ReneSola (SOL) With Buy, $20 Price Target; Reiterates Buy On Trina Solar (TSL)

Auriga posted a few more solar calls recently.  This morning they initiated coverage of ReneSola (SOL) with a Buy rating and a $20 price target which is more than double the current level ($8.40).  The believe sentiment is overly negative on this China solar leader.  The firm notes that SOL benefits whether poly prices stay high (by focusing on wafering operations) or if module prices move lower (by sourcing more modules with its low cost poly supply).  Speaking more broadly, Auriga believes some investors are overly concerned about oversupply next year and that the right price can clear overcapacity.

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Yesterday, Auriga reiterated its Buy rating and $38 price target on Trina Solar (TSL) following its earnings report.  The firm said Trina posted even better results than they had expected and traders are trading on qualitative fears and continued volatility in the dollar/euro.  Shares of Trina continue to struggle and aren’t  gaining any traction today.  I’d avoid shares for a bit longer considering they continue to trade below the 200 day moving average and sell volume remains heavy.

==> Click Here For Your FREE Daily Trina Solar  Analysis

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